First Time Dallas Home Buyers – ACT FAST!
By VIP Admin on Aug 27, 2009 in Buyers
Are you thinking about buying a home?  ACT FAST!  The $8,000 first time home buyer federal tax credit expires December.1st, 2009. This program is available to residents who have not owned a home as a primary residence in the last three years. This program allows for a tax credit of up to 10% of the purchase price of a home for a maximum benefit of $8,000. The income qualifications for this program are as follows: Individuals with a modified adjusted gross income (MAGI) of up to $75,000 per year qualify for the full tax credit. The benefit for individuals begins phasing out at $75,001 and is not available to those whose annual modified adjusted gross income exceeds $95,000. Couples can receive a full credit if their MAGI is less than $150,000, with the phase-out beginning at $150,001 and ending at $170,000. The tax credit does not have to be repaid unless you sell the house within 36 months of the purchase date.  If you are considering buying DFW Real Estate contact one of of our Professional DFW Realtors today!
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