Tax Credit for First Time Homebuyers Ending
Local News
by
Chris Orr
last edited on
Tuesday, September 22, 2009
If you're a first time homebuyer you need to be thinking about making that purchase. The federal program offering a tax credit is going to end soon.
Kevin Sickles, a CPA at Ketel Thorstenson, says there are a variety of homes that qualify. “That would be any single family personal residence. That could include houses, condos, townhomes, house boat, trailer houses, really anything the family can live in.”
You need to be a first time homebuyer to qualify for the $8,000 credit.
You can earn as much as $75,000 as an individual and $150,000 as a couple.
The key though is that you must close by Nov. 30, so you need to be thinking about making an offer on a home now because the average time between getting a purchase agreement and closing is 45 to 60 days.