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First Time Buyer Program
Are you thinking about purchasing your first home? Zars & Rogers REALTORS® is ready to help!
When you choose to have Zars & Rogers REALTORS® (Lane Rogers - Broker/Owner) help you with your first home purchase, you will be working with an Accredited Buyer's Representative (ABR®). We specialize in providing service for first time buyers.
We will help you find & negotiate the best home deal possible...no matter what type of home you are looking for...Condos, Pre-Owned Homes & New Construction Homes. It is currently the best market for buyers in decades and inventory is plentiful.
We will help you find a lender who knows how to help you get into your new home at a good rate & with as little down as possible. Interest rates are historically low and current loan programs will allow you to close with as little as 3.5% down! Also, many loan programs now will allow you to roll in closing costs or to have some of the closing costs to be paid by the seller.
Zars & Rogers REALTORS® will also pay $1,000 towards your moving expenses!
Plus, our services cost you nothing! We are paid by the seller at closing.
$8,000 Tax Credit for First-Time Buyers...
A recent update from The National Association of REALTORS® has informed us that there are welcomed changes to the First Time Buyer Tax Credit Program.
New rules for first-time homebuyers
First-time buyers who purchase a home between Nov. 7, 2009, and April 30, 2010, may be entitled to a federal tax credit worth 10% of the sale price or $8,000, whichever is lesser. Income restrictions apply. The tax credit for joint filers begins to phase out at a modified adjusted gross income of $225,000 ($125,000 for individual taxpayers). The credit disappears entirely at $245,000 for joint filers ($145,000 for individuals).
While first-time buyers must enter into a binding contract to purchase a principal residence by April 30, the closing can take place as late as June 30, 2010. The home can’t cost more than $800,000.
Qualifying purchases in 2009 can be claimed on your 2008 or 2009 return. File an amended return for 2008. Purchases in 2010 can be claimed on your 2009 or 2010 return. To get the credit for the 2009 tax year on a purchase that closes after April 15, 2010, either request an automatic filing extension or file an amended 2009 return.
The first-time homebuyer tax credit is “refundable,” according to Ken Burstiner, a CPA at Weiser LLP in New York City. That means you can earn it even if you owe no federal tax, the credit exceeds your total tax liability, or you have little income. Claim the credit on IRS Form 5405, which should take less than an hour to fill out. It’s a good idea to consult a tax adviser. H&R Block’s average fee to prepare a tax return is $187.
Old rules for first-time homebuyers
First-timers who bought a home between Jan. 1, 2009, and Nov. 6, 2009, may also be eligible for a federal tax credit worth up to $8,000. A tax credit reduces your tax bill or increases your refund dollar for dollar. In general, whether under the old rules or the new rules, you’ll be required to repay the full value of the credit to the IRS if you don’t maintain the home as your principal residence for three years.
First-time buyers subject to the old rules face tighter income limit. The phase-out kicks in for joint filers when modified adjusted gross income hits $150,000 ($75,000 for individual taxpayers). It disappears entirely at $170,000 for joint filers ($95,000 for individuals). Married filing separately taxpayers can claim only up to half of the $8,000 credit.
First-time buyers in 2008 were subject to a different tax-credit program. Homes purchased after April 8, 2008, and before Jan. 1, 2009, were eligible for a credit worth the lesser of $7,500 or 10% of the home’s purchase price. Income limits and phase-out ranges were the same as those for first-time buyers between Jan. 1, 2009, and Nov. 6, 2009.
The biggest difference between 2008 and 2009 was that the tax credit in 2008 really functioned as an interest-free loan that must be paid back over 15 years. The first of the annual installments should come due on the 2010 tax return filed in 2011. With few exceptions, if your home ceases to be your main residence during those 15 years, you have to pay back the outstanding amount with the subsequent tax return.
Above information cited from www.houselogic.com brought to you by the National Association of REALTORS®.
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