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The New Home Buyer Tax Credit- What it Means and How it Works

February 26th, 2009 Listed Under: Buy a Home

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Charlotte First Time Home Buyers Will LOVE the New $8000 Tax Credit

So how does this work? If you buy a  home between 1/1/09 and December 1st, 2009, and haven’t owned a home in the prior 3 years ( includes you and your spouse) then you’ll qualify for a 10% tax credit on the purchase price of that house, to a maximum of $8,000.  Note this is a CREDIT, not a deduction, so it will be like CASH.  Right now, you have to wait for your next tax return, soon, there may be a mechanism to use it at the closing table.

Of course there are details and some limitations apply- you’ll have to stay in the home for 3 years or lose the credit, and there are income qualifications (must earn less than $75K per individual, $150k per couple)  as well, still for many first time home buyers this is TERRIFIC! Here is the link for more details on the tax credit including frequently asked questions.

Here are more First Time Home Buyer Resources

Buying and Owning a Home

Freddie Mac Buying a Home
Department of Housing and Urban Development
The Home Buying Process

Federal Housing Administration FHA Loans

Federal Housing Administration Homeownership Resources

Fannie Mae Home Loan Learning Center Mortgage Bankers Association

Home Loan Guaranty Services Dept. of Veterans Affairs

State and Local Home Buyer Assistance Programs

Housing Publications from the Federal Citizen Information Center Most in PDF format

Consumer Information from NAHB NAHB.org

Mortgage information from the Fed Federal Reserve Board

Home Financing Information from the FTC Federal Trade Commission

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A little about us…

I am a Charlotte real estate broker specializing in relocations, 2nd homes and first time home buyers–buying and sellingTerry McDonald Charlotte Real estate real estate of all kinds- and will represent only you. My team works with Buyers and Sellers every day from Ballantyne to Lake Norman -and Fort Mill SC too. We work with all relocation companies. My team and I know the homes, the communities, and the new home builders. We know what’s hot, what’s not, and where the deals are. I represented Buyers in the largest foreclosure sale in Charlotte in 2008.  And I helped a number of first time home buyers. I was the Top Agent in 2008 in our 800 + Agent firm, and won an award for customer satisfaction in 2008. We are flexible and at your service.

We are working to help you “buy smart” in Charlotte, and to make your relocation  easier and less stressful.

If it’s between the hours of 8 AM to 8 PM, EDT, please don’ t hesitate to call me direct at 704-351-1519. Terry

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified

Charlotte Communities Online

Terry McDonald [email protected]   704-351-1519

Bobby McDonald [email protected] 704-351-1519