If you are a Buyer of Chelan Real Estate, You are in the BEST position!

Buying Lake Chelan real estate in 2009 can be the biggest payoff in history! There are a number of reasons. Not only being the vast majority of low priced inventory,  or the best rates in decades but also the fact that first time home buyers get $8000 back in their tax return next year when they file their 2009 taxes!

Here are some facts about this credit you will want to know:

The deduction is worth 10% of a home’s value up to $8000 which means all homes worth more than $80,000 could qualify for the maximum amount

• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.

 
Its’ a first time home buyer tax credit, not a deduction. That means the entire amount goes back to the first time home buyer unlike deductions, such as mortgage interest, that are subtracted from gross incomes before tax is calculated.

• The credit only applies to homes purchased within 2009. The tax credit does not have to be paid back, providing the first time home buyer keeps the property for at least 36 months and resides in the home.

 
To qualify as a first time home buyer the purchaser cannot have owned a home within the previous three-year period. However, home ownership of vacation homes or rental homes still count if you buy a first time principle home.

• If you are purchasing a home that is currently under construction, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.

The Tax credit is not a down payment but it could be used toward a down payment if the first-time homebuyers plan ahead. U.S. tax payers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.

With the benefits these credits give, lowest rates in decades and a housing inventory that is well stocked with below market homes, there is just no better time to be a home buyer than now. Contact Me today for a list of all the up to date homes on the market and those that might fit your criteria! I specialize in all Lake Chelan homes for sale and can help put you into a home today!