Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

July 15th, 2009

Carlsbad FAQ – Five CRUCIAL Things to Know About The First Time Buyer Credit!

Categories: Buyers, Home Loans, Interest Rates, Real Estate FAQ, Relocation

1. The federal tax credit is 10% of the home’s purchase price (up to a maximum of $8,000). 

2. First Time homebuyers purchasing any type of home as a primary residence between January 1, 2009 and December 31, 2009 are eligible for the credit. 
3. This credit differs from the July 2008 tax credit because the 2008 credit was essentially an interest free loan.  This credit does not have to be repaid.
4. This tax credit is NOT the same as a deduction.  A tax credit is a DOLLAR FOR DOLLAR reduction of taxes owed by the taxpayer.  A deduction is subtracted from the amount of income reported.
5. This tax credit is REFUNDABLE!  This means that even if the taxpayer does not owe $8,000 in taxes, they can file for a refund of the unused tax credit!

Please contact us to find out more about the benefits available to you ONLY until the end of 2009!

Tags: Carlsbad First Time Buyer Credit, La Costa First Time Buyer Credit, Oceanside First Time Buyer Credit

Posted by Mike and Amy Mewborn//