Union County NC First Time Home Buyers--$8000 Tax Credit Update
Union County NC first time home buyers may be eligible for up to an $8000 tax credit if they purchase a home before December 1, 2009. Some of the basic provisions of the $8000 tax credit for first time home buyers are outlined below.
- Union County NC first time home buyers can claim up to ten percent of the purchase price up to $8000. The credit amount will be phased out if your adjusted gross income is more than $75,000 for single filers or $150,000 for joint filers.
- Someone who has not owned a principal residence in three years is defined as a first time home buyer and may be eligible for the tax credit.
- The tax credit does not have to be repaid if the home is your principal residence for three years after the purchase date.
- The tax credit can be claimed in 2008 by filing an amended 2008 tax return or it can be claimed in 2009 if it makes more financial sense to do so.
How can the $8000 First Time Home Buyer Tax Credit be used?
The U.S. Department of Housing and Urban Development (HUD) recently issued guidelines regarding the use of the tax credit for the down payment on a home. Union County NC first time home buyers can get the tax credit on all types of loans but the FHA is the only agency permitting the tax credit to be monetized in the form of a consumer loan or advance. Currently only ten states have programs that offer the use of the tax credit in the form of a second mortgage for the down payment. North Carolina and South Carolina are NOT among those ten states. In North and South Carolina, the first time home buyer tax credit can only be used for additional down payment (greater than 3.5%), paying closing costs or buying down the interest rate.
Learn more about down payment assistance programs for Union County NC first time home buyers.
First Time Home Buyers in North Carolina--Get Help With Your Down Payment
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About the author: Carol Fox of Allen Tate Realtors at 704-814-6242 has helped first time home buyers find the right home and neighborhood for over twenty years.
Copyright 2009. Carol Fox. *Union County NC First Time Home Buyers--$8000 Tax Credit Update*