This post is an update of an article I posted a couple weeks ago about the new law the President has since signed into law. The American Recovery and Reinvestment Act of 2009 provides for a great incentive for first time home buyers interested in purchasing a home this year. Eligible first time home buyers are defined as someone who hasn’t owned a home as their principal residence in the past three years.
Good selections of homes in Knoxville are currently available including foreclosure and short sale homes. With record low interest rates coupled with the first time home buyer tax credit of up to $8,000, this is the time to get serious and start looking. On top of that, add a great deal on a foreclosure or a short sale home purchase and you’ve really saved some serious cash. Don’t delay any longer if you are seriously thinking about getting off the fence and purchasing a home in Knoxville.
A glance at the $8,000 First Time Home Buyer Tax Credit:
- The tax credit is for first-time home buyers only
- The tax credit does not have to be repaid
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
*Check with your tax advisor, attorney or CPA to see how the home buyer tax credit will affect your individual situation.
More information for first time home buyers about the Knoxville real estate market including Knoxville homes for sale is available by visiting the Knoxville Homes Web site or by alternatively sending me an e-mail.
David Hamilton
Ferguson Realtors
8085 Kingston Pike
Knoxville, TN 37919
865-310-0636 Cell
865-690-1300 Office
800-747-0713 Toll Free
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To print the major modifications to the First Time Home Buyer Tax Credit click for PDF document.