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.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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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!!