Tulsa Mortgage Has A First Time Home Buyer Credit Waiting For You
If you’re looking to buy your first home, you have to act quickly to take advantage of the $8,000 tax credit. Tulsa mortgage has a first time home buyer tax credit waiting for you, but time is running out.
A first time homebuyer is defined as someone who has not owned a home previously. There are other special financial situations that will still let you take advantage of the first-time homebuyer status, such as withdrawing funds from your retirement fund to use as a down payment. There are special circumstances when it comes to withdrawing money from your IRA to purchase a home. You may want to discuss this with your account administrator or your lender.
In order to qualify for the $8,000 Stimulus Tax Credit, you should first understand the guidelines. The credit is available for qualified first-time home buyers. This tax credit does not have to be repaid, but on December 1, 2009 this great opportunity ends.
A few other bits and pieces about the tax credit: The credit is equal to 10% of the purchase price of your home up to $8,000. Single taxpayers with an annual income or no more than $75,000 and married couples up to $150,000 have the opportunity to take advantage of this tax break.
For an individual or couple looking to get into a new home, the time to act is now. Your lender or your real estate agent can give you more information about the tax credit as well as your financing options. There are a number of different options available to you, so get moving because Tulsa mortgage has a first time home buyer tax credit waiting for you.