Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

August 5th, 2009

La Costa Real Estate For Sale – First Time Buyer Credit To End SOON

Categories: Buyers, Real Estate FAQ, Relocation

La Costa, Carlsbad, CA – The $8,000 first-time buyer tax credit program ends in at the end of the year. The rules state that purchase needs to be completed and the house CLOSED by NOVEMBER 30th in order to receive the tax credit.

What is the first time buyer tax credit?
It is a tax refund for 10% the purchase price of a primary residence (up to $8K). If you do not use the entire $8,000 on your 2009 tax return , the remainder will be refunded directly to you.

Who is eligible to receive the credit?
First-time home buyers and those who have not owned a principal residence in the last three years prior to purchase.

Are there income limits?
Yes. The full amount is given to:

Individuals with adjusted gross income less than $75k
Married filing jointly with adjusted gross income less than $150K per year

There is a phase out between:
$75K and $95K for individuals
$150K and $170K for joint filers.

Because a normal real estate transaction takes between 40 and 60 days to close, TIME IS RUNNING OUT! A short sale may already be too late.  If you want to discuss this further, contact us today.

Tags: Carlsbad Buyer Credit, La Costa First Time Buyer Credit, La Costa Real Estate

Posted by Mike and Amy Mewborn// Please leave a comment.

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. Read the rest of this entry »

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

Posted by Mike and Amy Mewborn// Please leave a comment.