Sarasota REALTOR Reveals $8,000 “Gift” When Buying Home!

Sarasota REALTOR surprises home buyers with secret to FREE money for buying new home!

Sarasota Realtor Mike Payne with recent home buyers Dave & Alda Lund

“Are you kidding me?” Carla said. “How do I get this $8,000 gift?”

Carla didn’t know she qualified for the $8,000 gift for buying her new home before November 30, 2009.

She didn’t know she could use this money at closing…for closing costs and pre-paids.

BUT THAT’S NOT ALL CARLA DIDN’T KNOW THIS ABOUT THIS GIFT!

Click Read More below to discover the rest of Carla’s “surprise” ….

Carla, along with almost every other “house hunter,” Carla, didn’t have a clue about this amazing $8,000 gift. She didn’t know:

1. Who’s eligible for this $8,000 tax credit?
2. Is it a loan or a gift?
3. When does this offer expire?
4. Does it work for FHA as well as conventional?

Great questions! If you’re considering closing on your new home before 11/30/09, here’s what you need to know about eligibility:

• You’re eligible if you have not had any ownership interest in a principal residence within three years of the date of purchase.
• The $8,000 “credit” is a gift. Two huge differences from last year: the $7,500 had to be repaid. If you bought a home in 2008, eligible home buyers were entitled to a tax credit of up to $7,500. However, there was a catch: The “credit” had to be repaid in 15 equal installments beginning in 2010.
• Single tax filers cannot earn more than $75,000. This is raised to $150,000 for married couples who file a joint tax return.
• If you bought in 2008, you must file IRS Form 5405 with your income tax return. If you did not get an extension for your 2008 return, which runs through Oct. 15, you can file an amended return. Of course, you’ll want to confirm any tax questions with your tax person.
• If you buy your home this year and qualify for the credit, you have choices (aren’t choices awesome?):
  a. Use the $8,000 for closing costs and pre-paids…at closing.
  b.  Claim the credit on your 2008 tax return (or file an amended return).
  c. Claim the credit when you file your 2009 return.
• House must be your principal residence.
• If you’re single and you qualify for the credit, you will not lose it if you get married after the purchase. The IRS has made it clear that the trigger date is the date that you take title to the house; what you do with the house later does not impact the tax credit, unless you sell it or move out within three years of purchase.
• What if you owe money to the IRS? Recently the agency made clear that the first-time home buyer credit is subject to the same rules as any other refund. In other words, the credit would be applied to your IRS debt.
• Take advantage of this offer up to December 1, 2009. **National Association of Realtors expects Congress to extend this gift. For now, though, you must buy and close before December 1, 2009.

UPDATE: YOU NOW CAN TAKE ADVANTAGE OF THIS $8,000 GIFT WITH AN FHA LOAN AS WELL! Whoaaaaaaaa….

Interest rates are the lowest I’ve seen in DECADES, as are home prices. This $8,000 GIFT should be the kick in the pants you want to get you the keys to your new home!

Call or email Mike today for help with buying your home or selling your house:  Mike [at] fixmyuglycredit [dot] com

Sarasota REALTER Mike Payne shows buyers how to grab an $8,000 gift at the closing table with money left over for a bottle of champaigne. And when Mike isn’t helping buyers find FREE money, he’s helping sellers in trouble (or “upside down” on their mortgage) save their homes or avoid foreclosure. Please do not walk away from a house, thinking the farther you get from it, the better you will feel.  Email or call me to discuss your options.

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