Hudson Valley Happenings Blog : What A Great Time To Be Looking For Your First House!

With the stroke of a pen President Obama has opened the door to many of you for your first home.  Yes, the American Recovery and Reinvestment Act of 2009 included an $8,000 incentive package for most first time home buyers.  

Your Bright And Shining Moment Won't Last Forever, Act Now!!!

This incentive allows for a full tax credit of up to $8000 (or 10% of the purchase price of homes with a purchase price of less than $80,000 (not a reality in most cases here in the Greater Hudson Valley) for first time home buyers (or those that have not owned a primary residence in over 3 years) who have a maximum income of $75000 for a single taxpayer or up to $150,000 for a couple.  Buyers with higher income levels may qualify for a reduced incentive with incomes up to $95,000 for individuals and $170,000 for couples.  

This is a true tax credit that will be applied after you have figured out the taxes you owe for the year.  You will calculate (or have your accountant or tax professional calculate) the taxes based on all your regular deductions and tax payments during the year and then what ever the outcome you will be able to use the $8000 to either reduce additional taxes owed or to receive as a refund.  I know that sounds really good to a lot of you who may be paying extra income taxes because you are losing out on all the great deductions that come with home ownership.  This gives you all those deductions plus $8000.  Wow!

Add this benefit to the historically low interest rates, huge inventory of available homes, and many programs geared to first time home buyers and you have the world at your doorstep but you must act quickly.  You only have until December 1, 2009 to close on the property.  With the average closing taking anywhere from 45 -75 days from accepted offer and many buyers spending several months researching and looking you need to start as soon as possible.  Don't delay call me today!