Real Estate Search Direct

Did you know that first time home buyers get a special tax credit?  Homes purchased between April 8, 2008 and July 1, 2009 qualify for a fully refundable tax credit of up to $7500.

When I bought my first home, there were many expenses incurred shortly after the my purchase closed.  As if coming up with a down payment isn’t enough, once the purchase closes there are many additional expenses.

First I had to pay to move.  While a move across town can be handled relatively inexpensively, some home buyer’s are faced with a cross country move that can really put a dent in the wallet.

Then there is the redecorating.  I had to install window coverings throughout the house.  It is hard to find a house that perfectly fits your taste in decor as is.  There is bound to be something that you want to change.

I also had another bedroom to furnish.  All these expenses add up.  I had just made the biggest purchase of my life and then I had to pay for these other expenses on top of it all.

Well, for first time home buyers there is help from an unexpected source.  The US government is pitching in up to $7500 in the form of a tax credit to make life easier on them.  To qualify you must meet the following criteria:

• You must not have owned a home in the previous three years.
• You must purchase a main home located in the United States between April 2008 and July 2009.
• You must have an annual adjusted gross income less than $95,000 for individuals or $170,000 for married couples filing jointly.
• You cannot buy your home from a close relative.

You can read more about the program at IRS.gov. To keep up to date on news about home buyer programs and market trends, subscribe to real estate search direct newsletter.  You will find a subscription form at the top of the right sidebar of the blog.

Allen Davis
Founder, RealEstateSearchDirect.com