CARY, NC – Real Estate Blog - Being an expert buyers agent  means so much more than just showing  homes, it is a duty to get you pertinent information and tools to help with your decision making process so it is very important that you read my blog postings. 

Thank You ,

Gail Bailey, Expert Buyers Specialist, Cary NC Realtor

HOW TO TAKE ADVANTAGE OF THE HOME BUYER TAX CREDIT OF $8,000.00 

WOW! That's a lot of money. This is important for the homes for sale in Cary NC.  Do not be fooled by the term "CREDIT."   You actually get back $8,000 from the government unless of course you owe them money and even then the $8,000 goes towards the bill. OH, and buy the way! You do not have to be a first time home buyer.

Key Points To Qualify

1.The tax credit now applies to home purchases occurring on or after January 1, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase CLOSED by June 30, 2010 will qualify.

2. Anyone who purchases a home as a principle residents.

   a. First time home buyers must have NOT owned a home as a principle residents in the last 3 years.

   b.  Current home owners qualify for a $6,500 credit if they have owned and lived in their current home for 5 of the past 8 years

   c.  Income limits are: Single  $125,000 and Married : $225,000.

   d.  It applies to any type of home(townhouse and condos included) that is a principle residence and is purchased for less than $800,000.

3. To claim the tax credit use the IRS form: 5405 which will be updated on January 10, 2010, on their website.

4. For more information visit the website below and click on frequently asked questions.

                         http://www.federalhousingtaxcredit.com/faq1.php