STEPS
1. Be a first time home buyer and make no more than $75,000, if you are an individual or $150,000 if you are joint tax filers.1
2. Qualify for an FHA loan.
3. Buy a home for your principal residence for $228,500 or less before Dec. 1, 2009 using an FHA loan with a 3.5% down payment.
4. Get a federal tax credit of $8,0002.
The $8,000 tax credit signed into law by President Obama today is greater than a 3.5% down payment on a $228,500 home ($7,997.50). Congratulations! You’ll get more than your entire down payment back with the tax credit!
Contact me for details on how to get started!
1Buyer (and buyer’s spouse) may not have owned a principal residence in 3 years previous to purchase.
2If home is sold within three years of purchase, entire amount of credit is recaptured on sale.
Note: I am not a CPA or tax professional. Seek their professional opinion regarding any tax issues.
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WOW! GREAT Post, Fran! How about sending a copy of this to the Trib’s Real Estate columnist – this one is GREAT!!