Use The $8000 First Time Home Buyer Tax Credit On A Minneapolis Condo

You’ve heard about it for the better part of a year. Every Realtor that is actually still in the biz has probably been screaming about it as well.

If you have been living in a cave for the past six months, here is the gist of the $8000 first time home buyer housing tax credit which can be used for your conodminium or loft purchase.

First things first, it’s a use it or lose it credit. You have to close on the house before December 1st, 2009 so that pretty much leaves November 30th as the last possible day to close on your condo. That means there is a little more that 80 days (when posted) left for you to get financing, find a condo/loft, write purchase agreement, acceptance, inspection, underwriting and close.

Might seem like 3 months is a long time, but it comes quick.

The Details

Of course the government is going to hammer out some details if they are going to hand of $8000 of Obama money:

• Can be used between January 1st 2009 through December 1st 2009
• Maximum housing tax credit is $8000 or 10% of the homes value
• All owner occupied residences including: single family, condos, lofts, town homes, co-op
• Income limits of $75,000 for single filed tax return or $150,000 filed jointly
• Available to first time home buyers only, but if you haven’t owned a home in the past 3 years you qualify
• $8000 tax credit does not need to be refunded to the government
• No recapture unless you sell the home within 3 years.

I must remind you that I am not a tax professional or play one anywhere else, these are just some guidelines so if you need further advice consult your tax accountant. If you used a box, then I can point you in the right direction for help.

If you want to start your home search in order to use the housing tax credit, then search for Minnepolis Condos & Lofts here or use any one of these methods to contact me.

Tagged as: $8000 Tax Credit, First Time Home Buyer