Hurry! $8,000 for homebuyers is running out!
Looking for a Cincinnati home? The $8,000 and $6,500 Tax Credits Expires April 30th.
Thinking of buying a new home in Cincinnati or Dayton? Thousands of new Ohio home owners took advantage of this program in 2009. President Obama extended this program to June 30th. But since closing paperwork normally takes a month -- your real deadline for this is April 30th, 2010.
If you are already an existing Cincinnati or Dayton home owner and you'd like to move across town and trade up to a nicer house, Uncle Sam has $6,500 for you. So you do not have to be a first time home buyer to get some assistance on trading up and moving across town.
Whether you choose to take the credit on your taxes or use the $8,000 as a down payment on your Cincinnati or Dayton home is up to you. TREO REALTORS has some creative strategies for you to do either one. Call us at (513) 731-8736 for details or click here to contact us.
Many people are asking questions such as
Scenario 1:
Scenario 2:
Scenario 3:
To qualify for the credit, you must purchase a home before April 30th, 2010.
Now for the REALLY Good News
If you've NOT owned a home anytime within the PAST 3 YEARS, then you qualify for the $8,000 tax credit. When you purchase the home using Uncle Sam's $8,000, you must agree to live in the house for at least three years. Which means real estate investors have to give up the idea of buying a house with Uncle Sam's money and renting it out. Because if you get caught buying a house and then renting it or selling it before the 3 years, then Uncle Sam is going to insist you repay the credit back.
Applying for the $8,000 credit from Uncle Sam is a piece of cake. Just claim it on your tax return. If you've already files your taxes, then simply file an amended return and claim the $8,000 tax credit.
Prequalify Before You Buy.
You will need decent FICO scores (credit scores) to get into a home with a really great interest rate. Click here to contact a TREO, Realtor now.
Looking for a Cincinnati home? The $8,000 and $6,500 Tax Credits Expires April 30th.
Thinking of buying a new home in Cincinnati or Dayton? Thousands of new Ohio home owners took advantage of this program in 2009. President Obama extended this program to June 30th. But since closing paperwork normally takes a month -- your real deadline for this is April 30th, 2010.
If you are already an existing Cincinnati or Dayton home owner and you'd like to move across town and trade up to a nicer house, Uncle Sam has $6,500 for you. So you do not have to be a first time home buyer to get some assistance on trading up and moving across town.
Whether you choose to take the credit on your taxes or use the $8,000 as a down payment on your Cincinnati or Dayton home is up to you. TREO REALTORS has some creative strategies for you to do either one. Call us at (513) 731-8736 for details or click here to contact us.
Many people are asking questions such as
" As a qualified first time home buyer, does this mean if I purchase now I would get an extra $8,000 on top of my current refund? "The long answer, is three scenarios:
The short answer: YES. You will get back the $8,000 plus what you over paid in your taxes. If you don't buy a home, then Uncle Sam won't be giving you that $8,000 refund check, sorry.
Scenario 1:
Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck by your employer and at the end of the year, you've paid Uncle Sam $6,000 in taxes. Since you already paid him what you owed, you get the entire $8,000 tax credit as a refund check. Wooooo-hoooooo!
Scenario 2:
Your tax liabilities were $6,000 but you underpaid Uncle Sam through your payroll withholding by $1,500. In this scenario, you'll get back $7,500.
Scenario 3:
Your tax liability was $6,000 but you've OVERPAID your taxes through your payroll withholding by $1,000. Normally, you'd be getting back a $1,000 refund check. But Uncle Sam will be writing you a check for $9,000.
To qualify for the credit, you must purchase a home before April 30th, 2010.
Now for the REALLY Good News
If you've NOT owned a home anytime within the PAST 3 YEARS, then you qualify for the $8,000 tax credit. When you purchase the home using Uncle Sam's $8,000, you must agree to live in the house for at least three years. Which means real estate investors have to give up the idea of buying a house with Uncle Sam's money and renting it out. Because if you get caught buying a house and then renting it or selling it before the 3 years, then Uncle Sam is going to insist you repay the credit back.
Applying for the $8,000 credit from Uncle Sam is a piece of cake. Just claim it on your tax return. If you've already files your taxes, then simply file an amended return and claim the $8,000 tax credit.
Prequalify Before You Buy.
You will need decent FICO scores (credit scores) to get into a home with a really great interest rate. Click here to contact a TREO, Realtor now.
