Don't forget, the Federal stimulus law includes an $8,000 tax credit for First Time Home Buyers. This credit expires December 1st. If you are a first time home buyer interested in purchasing a home or if you know someone that is, it is important to learn the details to take advantage of this tremendous opportunity.
The new $8,000 tax credit does not have to be paid back unless you sell your home within 3 years. This will be a very important fact to keep in mind when you go to sell your home if you do take the credit.
Who is a First Time Home Buyer? For purposes of using the $8,000 tax credit, a first time home buyer is someone who has not owned a home for at least three years. This means that if you owned a home in the past and sold it three or more years ago, then you would be considered a “first time home buyer” for purposes of the credit.
It is possible that this credit will be extended or even expanded. However, to date, there is nothing official on this point. So, while the credit is available and out there, remember to take advantage of it.
If you have any questions, don't hesitate to give me a call at 919-697-5014 or 88-TeamJodi.