Jacksonville FL Real Estate Update: May 2009

$8,000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED !!!!

THIS CONTENT IS NOT OURS - WE HAVE THE AUTHOR'S PERMISSION TO POST

We extend our thanks to Sheldon Neal for sharing this information with us for the benefit of our readers. 

IF THIS DOESN'T MOTIVATE FIRST TIME BUYERS, WE DON'T KNOW WHAT WILL!
(First Time Buyer is defined as an individual who has not owned a principle residence in the preceding 3 years.)

NOW IS THE TIME TO BUY!  Home prices and interest rates will be going back up soon - Interest rates are already starting to climb.

 

 

 

This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !

 

... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.

 

@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@

 

Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:

"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."

 The credit itself:

  • Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

 

So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !

 

ALSO: Be sure to check out a post  from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !

@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.

ABOUT THE BLOG OWNER

TIMOTHY H. FENNELL, PA

Tim FennellTim Fennell is a Florida licensed Real Estate Broker with The Legends of Real Estate, REALTORS® in Jacksonville, Florida.

His strong background in business development, real estate investments, counseling and marketing greatly enhance his skills as a Listing and Internet Marketing Specialist. 

Tim and his wife, Susan, have over 30 years experience in Jacksonville Real Estate sales, marketing and investing. Both are Accredited Consultants in Real Estate (ACRE®). When you're ready to be consulted with, rather than sold to, give Tim and Susan Fennell a call.

Visit Authors Website →   

Comment balloon 0 commentsTim Fennell • May 30 2009 08:14AM
$8, 000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED!!!
share
THIS CONTENT IS NOT OURS - WE HAVE THE AUTHOR'S PERMISSION TO POST We extend our thanks to Sheldon Neal for sharing this information with us for the benefit of our readers. IF THIS DOESN'T MOTIVATE FIRST TIME BUYERS, WE DON'T KNOW… more
$8, 000 First Time Homebuyer Tax Credit - Approved by FHA/HUD 5-29-09..
share
Our thanks to Jeff Belonger for providing this excellent update and explanation regarding 'advance loans' on the $8000 tax credit. From what we have been able to learn, Jeff is on the mark with his analysis. BUYER BEWARE of… more
Why do some real estate brokers charge a transaction fee?
share
Let me state right up front that we DO NOT charge a transaction fee so we don't really know or understand why some brokers do charge one. What I want to share in this post is why we DO NOT charge one and why we WILL NOT charge one. First of… more
800 New Jobs and $200, 000, 000 Factory - Let's hope so!
share
It was just announced today that Saft America, a manufactorer of high-tech batteries wants to build a $200, 000, 000 factory at the Cecil Commerce Center. They are looking for half the cost of the factory to come from the U. S. Dept. of Energy. … more
Buyers - Be careful that you don't snooze and lose.
share
A few days ago we told you that interest rates had inched down a little.. not their lowest ever point but pretty darned close to it. We also cautioned that this could be short-lived and anyone on the fence about buying would be well-served… more
Do you want to sell this house or not?
share
Do you want to sell your house or not? Look, this really isn't a trick question. The answer is either Yes or No and your answer is going to make all the difference in the world! It's a sincere question and it needs to be answered HONESTLY… more
Remembering and Honoring all who gave their ALL protecting our…
share
I am in awe of and have the deepest respect and admiration for the men and women who gave their all for us. I am eternally grateful to their families who supported them in their service. She holds the roses on her lap. The sweet smell fills her mind… more
Mortgage Rates Down Again… but for how long?
share
Rates on 30-year mortgages inched downward again this week, remaining below 5 percent for the tenth-consecutive week and just above record lows. Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dipped slightly to 4. 82… more
HUD: FHA buyer downpayment still on track
share
We just returned from a NEFAR meeting in which the VP of Public Policy for FAR (Florida Association of Realtors) announced that the premature announcement of last week is going to be a DONE DEAL within a few days. "The technical details… more
Twits, tweets and other things I don't understand
share
Okay… I've been hearing about and reading about Twitter for months now and honestly do not understand its value. Perhaps I'm getting old or maybe just overwhelmed by all the various "things " I "should " be doing to enhance my… more