TeamCox Realtors has received many questions regarding the housing portion of the new stimulus bill, so we will address some of them in our blog. Several people have asked, “Who is considered a “first-time homebuyer?” The term is fairly loose in this scenario, covering anyone who has not owned a principal home in the past three years. It specifies a principal residence, so vacation homes don’t count. While this isn’t most people’s definition of a first-time homebuyer, those who qualify should take advantage of it. First-time homebuyers are credited up to 10 percent of the home’s purchase price (up to $8,000).
The new credit differs from the previous $7,500 home buyer tax credit, in that it does not have to be repaid. The deadline to take advantage of the credit has also been extended to December 1, 2009 from July 1st. Buyers will need to own the home for three years, or they will have to repay the credit. There is also an income cap of $75,000 for a single person, or $150,000 for a married couple.
Regardless of how many houses you’ve owned, TeamCox Realtors is your Denver real estate specialist, so please contact us at 303-400-6060 for assistance with your home search.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance
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