Tick, tock…Time is running out!!

President Obama’s economic stimulus package includes a gift for first time homebuyers– $8,000 (or 10% of the home’s value, whichever is less) on their 2008 or 2009 taxes.

Basically it works like this. The purchase must be made “closed” by November 30, 2009. The purchaser must be a first time homebuyer. “First time” means they have not owned a primary home for the past three years. AND they must live in the purchased house as their primary residence for the next three years or they will have to pay back the credit. (Second homes and investment properties do not qualify)

Applying for the credit happens on the income tax return. To qualify, the buyers must make less than $75,000 for a single person or $150,000 for a couple. The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a refund check. The credit is not eligible if the seller is a relative of the buyer.

The State of Georgia also offers a credit of 1.2% of the purchase price if you buy by November 30, with a maximum credit of $1,800 (whichever is less). For instance, Homes purchased for $150,000 or more will receive a maximum of $1,800.

With the real estate market today we should have a house located and under contract *soon* to be able to close by the deadline. So, renters and roommates: what are you waiting for? Time is running out!! Call TODAY, I’ll hold your hand and walk you through it. 770.874.5533 or Bill@Borden.Pro