TeamCox Realtors has received many inquiries regarding the First Time Home Buyers Tax Credit in the new stimulus bill.
The good news is that in 2008, we represented a significant number of Denver first-time homebuyers, who would have had to pay the former $7500 tax credit back over a 15-year period. The new program includes:
- Tax credit is increased to $8,000
- Tax credit is 10% of purchase price, but no greater than $8,000
- The income limits remain the same: ($75,000 for an individual; $150,000 for a couple)
- FTHB (no ownership in last 3 years) and principal residences only
- Tax credit is available until December 1, 2009
- Recapture of tax credit is now waived (no repayment required) as long as the buyer lives in the home for three years
- The provision is retroactive to purchases made on or after January 1, 2009.
- Waiver of prohibition on financing by mortgage revenue bonds is included
- Married: both have to be FTHB’s
- Tax credit will be claimed on federal income tax return
If buying your first Denver home is in your plans, this is the time for action. We have the lowest interest rates in 40 years, there is a large selection of homes in the Denver real estate market to choose from, and a new tax incentive just for you. If you have questions regarding this, or any other real estate concerns, please call a TeamCox member at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Who Qualifies for the First-Time Homebuyer Credit?
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance