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First Time Homebuyer Tax Credit Available for Mississippians

First Time Homebuyers in Mississippi have heard about the $8,000 tax credit offered by the federal government to assist in buying a home. The new regulation is an improvement over the $7,500 tax credit for 2008. Details are depicted in the following chart.

Major changes in the policy eliminate the repayment clause, and as long as homebuyers keep (and occupy) their home for three years, no recapture is made of the tax credit! To be eligible, you must be a first-time home owner or have not owned a home during the last three years. When in doubt, please consult your tax advisor.

Rankin, Hinds, and Madison County, Mississippi has many affordable homes that will qualify for the tax credit. The annual income limit for an individual cannot exceed $75,000, or $150,000 for a married couple.

IMPORTANT NOTE: This credit is available to ALL first time home buyers across the nation. Rumors have circulated that it is only for coastal counties, and that is NOT the case. This credit is available to you if you are a FIRST-TIME buyer.

If you have been sitting on the fence about buying a home, this tax credit is what you've been waiting for! Don't let your chance slip away...the act terminates December 1, 2009.

First Time Homebuyer Tax Credit

Chart compliments of Missy Caulk, Ann Arbor, MI

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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area. photo of Pat Starnes

Search homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.

Written and Published by Pat Starnes REALTOR

McIntosh and Assoc., LLC
434 Katherine Drive
Flowood, MS 39232
601-278-4513 - cell
601-936-2007 - office

 


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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area. Pat Starnes, Realtor

Search homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.

Written and Published by Pat Starnes REALTOR

McIntosh and Assoc., LLC
434 Katherine Drive
Flowood, MS 39232
601-278-4513 - cell
601-936-2007 - office
0 comments • Pat Starnes • February 22 2009 11:10PM

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