Columbus Ohio real estate

Columbus - First Time Home Buyer Tax Credit

The First Time Home Buyer Tax Credit was signed by the President today as part of the American Recovery and Reinvestment Act.  It modified the program that went into effect in April 2008. 

chart from Real Living about First Time Home Buyers Tax Credit

  • Lesser of 10% of cost of the home or $8000 tax credit
  • All principal residences (single family, condo, fee simple townhouse) are eligible
  • Refundable
  • Income limit of $75,000  ($150,000 for couples)
  • First time home buyer (someone who has not owned a principal residence in 3 years)
  • Can use local or state revenue bond financing as well
  • No repayment (homes purchased after January 1, 2009)
  • Recapture (if home is sold within 3 years)
  • Ends December 1, 2009
  • Effective January 1, 2009


This is a national program but there are some great Central Ohio homes for “first time buyers” (a first time buyer is someone who has not owned a home in three years.)

 

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Edit:  source

It's from the NAR at http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home (in the Homebuyer Tax Credit section)

See comment providing attribution.

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This post provided by Maureen McCabe of Real Living HER

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Website: MaureenMcCabe.com

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Information is deemed to be accurate but should be verified to your satisfaction.  Information provided herein is supplied by several sources and is subject to change without notice.  Opinions expressed are solely those of Maureen McCabe.

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8 comments • Maureen McCabe Columbus Ohio real estate • February 17 2009 04:15PM

Comments

Good info, Maureen.  It seems that the rules for this credit change by the moment.  It's confusing for those of us that are supposed to be 'in the know' so it's really got to be confusing for the consumer.  Hope your market perks up and this proves to be a true stimuli.

Posted by Carol Smith (Casmi Photography) over 3 years ago

I think this is it and I am clear on what is in it and what is not.  I read something though that said it could be amended.  I suppose anything can change.

Posted by Maureen McCabe Columbus Ohio real estate (Real Living HER - HER Realtors) over 3 years ago

Hi Maureen... I love how clear and understandable your info on this topic is presented.  Thanks for sharing it.

Posted by Steve Shatsky - Dallas Real Estate & Short Sale Specialist (214)213-0340 (Prudential Texas Properties) over 3 years ago

thanks. Real Living did a good job of keeping us updated through all the gyratiions,  this chart was posted via pdf.  Kristal Kraft shared the same chart so I am wondering where it came from.  No attribution makes me nervous,

Posted by Maureen McCabe Columbus Ohio real estate (Real Living HER - HER Realtors) over 3 years ago

I'm seeing that chart on a lot of blogs with no attribution (which isn't right. Anything like that should be properly attributed.)

It's from the NAR at http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home (in the Homebuyer Tax Credit section)

Posted by Jay Thompson over 3 years ago

thanks

Posted by Maureen McCabe Columbus Ohio real estate (Real Living HER - HER Realtors) over 3 years ago

Comments on this old post closed because of spam!

Posted by Maureen McCabe Columbus Ohio real estate (Real Living HER - HER Realtors) 8 months ago
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Posted by dvkhoipuqw 8 months ago

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