Kurt and Sheila's Buyer Bonus Explained
Kurt and Sheila Buyer Bonus Explained
How you can get upto $9000 for buying a HUD owned home
As if you needed another reason to own a home, there is a federal housing tax credit and a HUD sales incentive that you may want to know about.
First-Time Home Buyer Tax Credit at a Glance (eligible on any house)
- The tax credit is available for first-time home buyers only. This is defined by buyers that have not owned a home in 3 years.
- The maximum credit amount is $8,000. Up to 10% of the purchase price not to exceed an $8000 credit.
- The credit is available for homes purchased on or after January 1, 2009 and before
December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit does not need to be repaid unless you sell your home within 36 months.
- This credit can be taken on your 2008 return. If you have already paid your 2008 taxes you can amend your return and request the full credit to arrive after you purchase a home if you qualify.
HUD Sales incentive (eligible on many HUD home purchases)
- Put a qualifying HUD home under contract as your primary residence within 30 days of it being listed and HUD will give you $1000 and they will sell it to you requiring only $100 down when using an FHA loan.
Within a few weeks of buying a qualifying HUD home as your primary residence, using us as your agent in conjunction with an easy qualifying FHA loan, you will receive upto $9000 back after spending $100 on the down payment.
Why continue to rent?
If you have questions about this tax credit or sales incentive or would like to get started in your home search. Call or email Kurt and Sheila Johnson at 404-644-5877 or email us at kurtandsheila@kurtandsheila.com
