$8,000 Home Buyer Tax Credit

You’ve heard a lot about the First Time Home Buyer’s Tax Credit, but what do you need to know about it, and who really is eligible for it?

Buy and close on a home by November 30th, 2009, and you may qualify for up to $8,000 in a federal tax credit that does not have to be re-paid. Keep in mind, however, that this is not money that is given to you at the closing table. You have to claim it on your taxes the following year, in order to get the credit.

Anyone who has not owned a home for the past three (3) years can qualify for this tax credit, therefore you don’t have to actually be purchasing your “first home”. The actual amount of the credit is 10% of the purchase price of the home, with a maximum of $8,000. So, if you purchase a house that is less than $80,000, you will receive a smaller credit.

To get more details about this credit, check out the PDF file from the Mississippi Association of Realtors here: http://www.msrealtors.org/PDF/BuyNow/flyer_hi_res.pdf

But you better hurry, if you plan on taking advantage of this credit! It takes an average of 30 days for a loan to be processed! Go to www.prchomes.com to see what is available in the Picayune and Pearl River County, MS, area.