$8,000 for First Time Homebuyers - Available for a Short Time Only

The economic stimulus package approved by Congress has a wonderful treat for first time homebuyers who move swiftly. Those who wait til next year will be too late.

The good news for people considering buying their first home is not only are prices very low this year, additionally they may be eligible for an $8,000 tax credit from IRS! The tax credit does not have to be repaid as long as the buyer stays in the home for a minimum of 3 years. It seems unbelievable but if your total tax liability is less than $8,000 you may be able to receive a tax refund.

There are stipulations in order to qualify. First of all the home must be purchased between January 1, 2009 and December 1, 2009. Note that is December 1st, so you do not have until the end of the year. Also the sale must be closed during this time frame. A normal purchase or a purchase of a bank owned home can usually close in one month. If you are thinking of buying a short sale home, be aware that it can take 3 months for a response on an offer. So buyers should start looking several months before they actually think they can close the transaction.

The actual tax credit is 10% of the purchase price up to $8,000. There are income limits for qualification. Single taxpayers Modified Adjusted Gross Income (MAGI) must be below $75,000, and married couples below $150,000. If your income level is higher you may qualify for a lower amount of tax credit.

If you have any questions about the tax credit, talk to your tax professional. Some resources for more information are provided by the National Association of Realtors http://www.realtor.org/wps/wcm/connect/599a64804d24c83d931ff726a9949436/government_affairs_homeb_tax_cred_qa.pdf?MOD=AJPERES&CACHEID=599a64804d24c83d931ff726a9949436 the National Association of Home Builders www.FederalHousngTaxCredit.com and by the Internal Revenue Service http://www.irs.gov/newsroom/article/0,,id=187935,00.html.


Lorraine Burch, REALTOR
Your Friend in Real Estate
Avalar Real Estate Services
Lorraine@AvalarinClermont.com
www.HomesCentralFL.com
Phone: 407-267-3268

About Homes of Central Florida

Welcome to Homes of Central Florida - the blog, a discussion board focused on the communities of Windermere, Winter Garden, Oakland, Clermont, and Montverde, Florida. Topics will cover items relevant to the local and the general real estate markets, as well as general interest articles. Each week I will include photos, statistics, trends, and interesting tidbits.

Some of the topics you can expect are:

• neighborhood information and amenities
• local news
• local real estate market status
• national real estate news
• international real estate news and information
• favorite restaurants
• where to stay in the area
• fun things to do in Central Florida
• road trips, interesting adventures a short drive away
• fishing and recreation tips
• lakefront properties
• equestrian properties

It is my hope that this information will be interesting to locals, helpful to people looking to move to this area from out of town, and benefit anyone buying a home in a Central Florida neighborhood.

Because life is short, and I don't want to spend my energies on negativity, you can expect to hear the good stuff here. If you want to hear about bad things, look somewhere else. This a forum for sharing the good, fun, and interesting treasures of Central Florida.

"Keep on the sunny side, always on the sunny side,
keep on the sunny side of life.
It will help us every day it will brighten all the way,
if we keep on the sunny side of life. "

For a wonderful version of this Carter Family classic gospel song "Keep on the Sunny Side of Life" sung by the Gaither Team check out the youtube video below. The band and audience are dressed in 19th century American attire.
http://www.youtube.com/watch?v=txlE_sx09fg


Your Friend in Real Estate,
Lorraine Burch, REALTOR
www.HomesCentralFL.com
The source for real estate in Windermere, Winter Garden, Oakland,
Clermont and Montverde, FL