Lots of questions these days is centered around the home tax credit as it has been altered.
Rick Veldman with Met Life Home Loans provided me with the following information:
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
If you have personal questions regarding mortgage, you can call Rick at 616-285-2100.
And, of course, I'd love to be your real estate consultant!