Smith Mountain Lake Real Estate

Category — first time home buyer

Buy A Smith Mountain Lake Home, Get a Tax Break!

by GO Agency

The deadline for the First Time Home Buyer Tax credit was fast approaching, but we have good news!! The $8000 Tax Credit program has been extended! Not only do first time buyers now have until April 2010 to choose a home, but those current home owners who are looking to buy a home may also qualify for a new $6,500 credit! There is a little something for most everyone in the extended program!

If you were worried about missing the November 30th deadline, you now have until April 30th, 2010 to be under contract to buy a Smith Mountain Lake home and get a tax break! You can schedule your closing anytime through June 30th, 2010! The extra two months to close will hopefully avoid the backlog of closings agents have seen as the original deadline approached.

If you are a first time home buyer, not much has changed in the extension. Any home that can be used as a primary residence is eligible under the program. Even houseboats qualify under the extension! You cannot purchase a home from a family member and qualify for the tax credit. Income guidelines are $125,000 for single tax payers and $225,000 for those who are filing jointly. To be considered a first time home buyer you still must not have owned a principal residential property in the last three years. But with the new extension, if you own a home, you may still qualify for a tax credit!

Repeat Buyers are now eligible for a tax credit up to $6,500 on the purchase of a home. To be considered a repeat buyer, you will need to have owned and resided in a home for five consecutive years out of the last eight years. The income guidelines are the same as a first time buyer: $125,000 for single filers and $225,000 for married couples filing jointly. You can purchase any primary residence up to $800,000 and earn a 10% tax credit up to $6,500. For the first time buyers the highest amount of the credit is $8,000!

You can’t find a better incentive for buying that waterfront home you have been thinking of! Come visit Smith Mountain Lake, if you like it then move here! If you have questions about the Home Buyers Tax Credit extension, call Vicki Millehan! She is your local real estate expert!

November 14, 2009   Comments Off

Attention First Time Home Buyers in Franklin and Bedford County,VA!

by GO Agency

I think everyone knows what a great area Smith Mountain Lake and the surrounding areas of Virginia are! Personally I don’t think there is a better part of the country! If you have been dreaming of owning a home in Bedford or Franklin County, now may be the time. The American Recovery and Reinvestment Act’s $8000 Tax credit for first time home buyers will soon be over. It is not too late to take advantage of the program!!

The program is open until December 1, 2009. If you want to qualify for the program, you need to get started as soon as possible. Closing should be started no later than October 15th. To be eligible for the credit; you need to complete the purchase of the home by November 30, 2009. For the purposes of the tax credit, the purchase date is the date when you close and the title transfers to the new home owner. Because of the newer lending guidelines closing can take a little longer. But that doesn’t mean it is too late, but time is running out!

First time home buyer can qualify for a tax credit of 10% of the purchase price of the home with a maximum credit of $8000. So the question is: who qualifies for the tax credit. Under the Act, a first time home buyer is someone who has not owned a principle residence in the last three years, whether under your name or your spouse’s. The home purchased can be a new home or a resale.

The income guidelines are pretty simple. To receive the full tax credit, a single taxpayer’s maximum income is $75,000. For married taxpayers who file jointly, $150,000 is the maximum. If you make more than those amounts, the tax credit is calculated by income, up to $20,000 above the maximum. Just as an example, if a single taxpayer has an income of $95,000 they will not qualify for any of the credit. If they have an income of $85,000, then the credit amount is calculated according to that income.

If you have any questions about the American Recovery and Reinvestment Act, call me – Vicki Millehan! I can help you find that dream waterfront property and help you find out if you qualify for the tax credit. There is so much to see and do here in Smith Mountain Lake, VA! Come for a visit, and if you like then move here!!

September 3, 2009   Comments Off