Currently, as I write these words, there are
4 months 6 Days 10 Hours 40 minutes
until the $8,000 tax credit goes away in Indiana and all the other states (provided the government does not renew, extend or alter the program). If you meet the criteria and are thinking about purchasing a home in Indiana….. WHAT ARE YOU WAITING FOR? That really is not all that long and turn-around times on loans are not going to get any shorter (currently averaging between 30 and 60 days) the closer we get to the end date.
The criteria:
- Must be a first time home buyer meaning you have not owned a home in the past 3 years and will live in this home.
- Credit is given for a maximum of 10% of purchase price up to $80,000.
- Income limit for eligibility is $90,000 / year for individuals and $180,000 / year for couples.
- No need to pay back unless you live there less than three years; then entire credit is recaptured on sale.
- Applies only to homes purchased in 2009 and before December 1, 2009.
This is not legal or tax advice. Consult a qualified tax professional to make sure you qualify.
With interest rates at some of their lowest levels and Indiana homes “on sale”, there may not be a better time to buy.
Better hurry, as you now have less time to act since I type slowly!
Scott
Scott Swinford, your Northwest Indiana Loan Guy
Your source for Indiana FHA loans, Indiana FHA 203(k) Streamline loans, Indiana USDA Rural Development loans, and much more.
Credit Issues? Not an issue for us! Visit www.usccraonline.com and register to get $300 in gasoline.
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