Most Asked Tax Credit Questions Answered

1. How can I know if I'm eligible?

-must be a first time homebuyer, which by government definition means can't have
owned a home in the last three years.

2. I know there are restrictions or fine print, what are they?

-the home you purchase must be your primary residence.
-cannot buy your home from a close relative.
-cannot be a nonresident alien.
-must maintain this as your main home for three years.
-income limits for full credit are $75,000 for individuals and $150,000 for couples.

3. How long do I have to take the credit?

-it expires on Nov. 30, 2009 which means you must close on the home by this date.

4. What if I sell this home before the three year time period?

-it must be repaid in full.

5. Do I have to wait till I file my 2009 taxes in order to get the money?

-no you can file a 2008 amended return.


More questions and answers can be found at www.federalhousingtaxcredit.com or feel free to give me a call 937-423-3316 , email me trfinch@gmail.com, or register to take one of the free first time homebuyer classes I offer (see previous posts). Information about the classes can also be found at www.darkecountyproperties.com or www.leisrealty.com.

Tax Credit Extension????

There's been a lot of rumors out about the possibility of the government extending the first time homebuyer tax credit past the Nov. 30th deadline or that they could upgrade it to a $15,000 credit to all home buyers (not just 1st timers). The latter is getting the most support from the National Association of Realtors (NAR) because they feel this will stimulate the housing market more than anything else. The date that keeps surfacing in articles that I've read is to extend it to July 1, 2010. I'll keep you posted on any updates, but just remember if you're a first time homebuyer waiting past the Nov. 30th date could be a gamble because there is still a lot of debate plus the fact that it could cost the government (or should I say the taxpayers) another $32 billion. Any questions or comments leave them below or you can give me a call (937-423-3316), email (trfinch@gmail.com), visit my website www.darkecountyproperties.com, or better yet attend one of the first time homebuyer classes coming up (see previous posts for more).

Still Taking Registrations For Free Classes

There are still openings for the Free First Time Homebuyer classes Aug. 12th & 19th at the Chestnut Village Center within the Brethren's Retirement Community in Greenville, Ohio. If you're a first time homebuyer (haven't owned a home for 3 yrs.) you qualify for the government tax credit of up to $8000 but you'll need to take advantage of this soon because it expires Nov. 30th of this year. If you've thought that owning a home was out of reach in the past then now is the time to check in to the possibility again. Along with the tax credit there are still some great loans out there which you may qualify for if your credit score is above 620. Another big plus is the many homes available today. Call today (937-423-3316) or email (trfinch@gmail.com) to register. All we'll need is your name, how many to expect, and the date you're planning to attend. You can see more information on this class by checking out one of my previous posts on this blog or by viewing www.darkecountyproperties.com.

ate at BTO yogurt ...nice change of pace in Greenville. Help support the new business.

Check out the next dates for the next first time homebuyer classes in Greenville. www.darkecountyproperties.com

More Fall Classes Added

Two more first time homebuyer classes have been added for the Fall. The dates are, Wed. Sept. 9th and Thurs. Sept. 24th from 6:30 - 8:00. Check out www.darkecountyproperties.com for more details or check out one of the previous posts. Give me a call (937-423-3316) or email (trfinch@gmail.com) to register.

Free First Time Homebuyer Classes Offered Again

Does the thought of buying your first home leave you feeling overwhelmed or confused? Well, help is on the way. On Thursday July 30th, Wednesday August 12th, and Wednesday August 19th from 6:30 – 8:00 at Chestnut Village Center in Greenville, Leis Realty and National City Mortgage will be offering a free class for anyone wanting more information on the home buying process.

The timing for buying that first home could not be better with a large number of homes on the market, low interest rates, lower home prices, and of course the $8000 tax credit (which will end Nov. 30, 2009) offered to first-time homebuyers. Home ownership offers many advantages over renting. It is a strong investment (yes, even now), and it comes with many tax advantages. You also have control over your environment, pride of ownership, and independence. Since historically, homes appreciate in value over time, every time you make a payment you get a step closer to paying off your home and you build equity, unlike rent.

The process of financing and purchasing your first home can be overwhelming, frightening, and confusing. We will attempt to provide you with some valuable information to help you on your way to probably, your biggest investment. Topics covered will include:

 Prequalifying and preapproval for a home loan
 Credit rating
 Using a realtor
 Making an offer
 Disclosures
 Equal opportunity
 The new stimulus tax credit
 The steps to closing on your first home

The class is free, but you need to pre-register because seating is limited. To reserve your place call Todd Finch at Leis Realty at 937-548-5750 ext. 245 or Diane Hill at National City Mortgage 937-548-1300. If you prefer to email, contact Todd at trfinch@gmail.com or Diane at diane.hill@ncmc.com . When registering please leave your name, address and phone number along with which class you’re signing up for. If you have questions, leave those as well and we will return your call.