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$8000 First Time Home Buyer Tax Credit in San Diego

March 4th, 2009

San Diego Real Estate Blog

San Diego - First Time Home Buyers Only – 8000 Dollars !

The $787,000,000,000 stimulus bill signed into law has some benefits for first time home buyers. In the bill signed by Obama there is an $8000 first time home 8000 Dollar First Time Home Buyer Tax Incentivebuyer tax credit. This $8000 amount was sized down from $15000 in the original version of the stimulus package. Here in San Diego County California and rich foreclosure environments like Chula Vista in South County San Diego welcomes this first time home buyer $8,000 tax credit incentive.

Some of the details are that the home purchased must be the first time home buyers principal residence. There is a cap of $8,000 if the purchase price is higher than $800,000. A first time home buyer in San Diego or anywhere in the U.S. would be someone who has not owned a principal residence for 3 years. This will only apply to home buyers buying in 2009 so if you’re sitting on the fence of San Diego home buyers this could be the thing that gets you down off the fence and back in the market.

There are also income limits that state single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit and $150,000 for married couples. If buyers make more income than the amounts stated they could be eligible for reduced credits. Make sure you talk to your accountant about this. The $8000 tax credit is refundable. Buyers will have to own the home for at least 3 years if they want to capitalize fully on the tax incentive. The tax credit will have to be returned to the government if they sell early. There are situations that will be exceptions to this rule.

Make sure you contact professional tax consultants for full factual information on this $8,000 First Time Home Buyer Tax Credit.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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7 Responses to “$8000 First Time Home Buyer Tax Credit in San Diego”

  1. San Diego Real Estate Blog » Blog Archive » California $10,000 New Home Tax Credit Says:

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    […] Also Visit: California $10,000 New Home Tax Credit $8,000 First Time Home Buyer Tax Credit […]

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    […] Market has seen a huge influx of buyers in early 2009. Some of this could be due to the great $8,000 Tax Credit for First Time Home Buyers and the $10,000 New Home Buyers in California. I am working with a lot of investors in the San […]

  4. San Diego Real Estate Blog » Blog Archive » Making a Difference at the Five Star Conference in Fort Worth Says:

    […] at some pretty slim pickings. Many of the first time homebuyers trying to take advantage of the 8,000 first time home buyer tax credit are left in backup offer position to the cash offers. These first time home buyers also come in […]

  5. REOMasters Making a Difference at the Five Star Expo « San Diego REO News Blog Says:

    […] at some pretty slim pickings. Many of the first time homebuyers trying to take advantage of the 8,000 first time home buyer tax credit are left in backup offer position to the cash offers. These first time home buyers also come in […]

  6. Home Mortgage Loan Refinance Says:

    Home Mortgage Loan Refinance…

    It is being reported that American Home Mortgage will cease business today and is declaring bankruptcy. In the very near future Accredited Home Lenders will also probably file. Both cite recent losses and their inventories of less than high quality mor…

  7. San Diego Real Estate Blog » Blog Archive » San Diego Real Estate Double Dip 2011 Says:

    […] 2010. In respect the indices for San Diego Real Estate showed a decline of 4.0% from last year. The First Time Home Buyer Tax Credit program in 2009 and 2010 was also thought to be a large factor in bringing buyers to the market to help with the decline and […]

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