Use The First Time Home Buyer Tax Incentive Before Time Runs Out And It Expires

Aaron and Beth had been house hunting for months since he had landed a job in the northeast Ohio area and they had been forced to move to the new location. Renting a very small apartment to build their savings had not been easy to say the least and every month when they paid the landlord they were reminded that they were not building any equity in their own place as they had hoped to do as soon as possible. Every Sunday, they went over the classified ads for Cleveland homes and toured many “Open House” that seemed as though it might be promising. Although it narrowed their search and made them aware of the market in that area, it had not helped them make that final choice among Cleveland homes for sale that was just right for them. Finally, after weeks of searching they found the perfect house for them and the sellers eagerly accepted their offer. Part of their strategy for financing the house was to take advantage of the $8,000 tax credit that is now being offered to first time buyers. They found that they qualified for this benefit because of certain criteria that they met and it consists of these four conditions:

• You have to be buying a place to live for the first time and cannot have previously owned one. This is a great incentive to save as much money as possible for a down payment knowing that this tax credit is available to you to further save you money when you file your taxes.

• You must purchase the house between the set dates as outlined in the tax credit rules and that is January 1st 2009 and November 30, 2009. There is even talk now about that date being extended in an additional attempt to encourage real estate purchases. So although many people have already taken advantage of this financially attractive offer, there should be an added chance offered to keep the real estate market active.

• You must not be making higher than $75,000 as a single person or earn more than $150,000 or higher as a couple. Doing so would render you unqualified for this $8,000 tax credit. This guarantees that the tax credit only goes to the folks who can really use it the most.

• You are obligated to remain in the house you buy for at least three years. This, of course, is something that must be considered all the way because many people are hesitant about making a commitment of this kind. What if they are not especially fond of the house or the neighborhood after moving into the house? They still must remain in the house for the three years or take the chance they would have to repay the tax credit.

In conclusion, this can be a great time to jump into property ownership due to this excellent financial savings. While it is true that many people are still having trouble selling their houses, this offer has assisted quite a few people in reaching their dream of owning their own house and appears to be pulling the real estate market out of the slump it has been in for the past few years.

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