Atlanta First Time Homebuyers
are
getting a gift from the federal government of up to $8,000. which they could utilize through a tax credit on their return next April.
The Federal Housing Administration has now allowed home buyers to apply the tax credit of $8,000 at the time of purchasing the home. Atlanta lenders are permitted to provide a short term bridge loan to help qualified buyers of Atlanta real estate.
They can use the tax credit to make a larger down payment above the required 3.5% required by FHA , use it toward closing costs or they can even buy down their interest rate. This provides many more options for Atlanta buyers in today’s real estate market.
More Money from Georgia
In addition to the $8,000 announced by the federal government, Georgia is offering a credit of their own. Of course, there are some rules.
Rules for Receiving the Tax Credit
1. Tax credit is not only for Atlanta first time homebuyers.
2. It can be used along with the credit from the federal government.
3. It is for the purchase of a single family residence.
4. A home must have been listed prior to May 11, 2009 in order to qualify for the tax credit.
5. Home must be closed after June 1, 2009 and before November 30, 2009.
6.The credit is 1.2% of the sales price up to a maximum credit of $1,800.
7. The credit will be applied in one-third increments, until used.
8. There is no income limit for this credit.
9. There is not limit to how long the Atlanta property must be held in order to qualify.
10. The credit does not have to be repaid.
Now is the time to buy a home in the metro Atlanta area. Prices are good and rates are low.