North Texas Real Estate Blog

Time is running out for Keller TX home buyers and Grapevine TX home buyers to take advantage of the first time homebuyer tax credit. This tax credit, which is applied to your 2009 tax return, expires on November 30, 2009. This means that you must close on your property by this date in order to qualify for the tax credit. Great deals are available on Keller TX homes and on Grapevine TX homes that would be even greater with a little help with this tax credit. If you are waiting to see if the tax credit will be extended, you may miss out if it is not. With the average time of 45 days from having a contract signed until closing on the property, now is the time to make your move.

If you are single and have a modified adjusted gross income of $75,000 or less, and have never owned a home or haven’t owned one in the last three years, you will be eligible for the full tax credit on any home priced $80,000 or above. If you are single and your income is between $75,001 and $95,000, you may still be eligible for an adjusted amount based on your actual income. If you are married and your combined income is less than $150,000, you may be eligible for the full credit. Likewise, if your income is between $150,001 and $170,000, you may still be eligible for an adjusted amount. As previously mentioned, this must be your first home purchase or you must not have owned a home in the last three years. The home must be your primary residence.

For those Tarrant County home buyers that are ready to begin their search and try to take advantage of this tax credit, you would be well served to team up with an experienced Realtor@ that can facilitate the process of closing in a short amount of time. Your real estate professional can provide you with information about mortgage lenders and title companies. Getting prequalified for a home loan is essential and is required in many circumstances to make an offer on a home. If you are buying a foreclosed property, the bank that owns the property may require you to be qualified by their home mortgage consultants before considering any offers on their properties. Many times the bank that owns the foreclosed property will offer incentives to buyers that use them to finance their loan. This is another opportunity to save money and get a good deal on a home.

For more information on the first time homebuyer tax credit, please contact Dave or Betty Warden with Real Estate North Texas at 817-706-3291. We would be happy to assist you with your next home purchase.