NOTICE: First Time Homebuyers
Grant Money = Free Money
Now, Tax Credits too!
And with Rochester NY Home Prices...WOW!
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)
Frequently Asked Questions> (PDF: 483K)
Illustration : Frank and Mary Smith, eligible taxpayers, buy a $200,000 principal residence in February of 2009. They may claim a first-time homebuyer credit of $8000 on their 2009 income tax return (lesser of $8,000 or 10% of the $200,000 cost of the home). The Income tax they owe on their 2009 taxes is $5000. After the IRS has processed the return, they will receive a check for $3,000. (The difference between the amount they owed and the total credit allowed) This is NOT a loan like the previous program! Call or email me for more information (see form below!)
SONYMA (State of New York) offers first time Home Buyers Grant money of $5000 or a lower interest. More programs are available like the $3000 Grant money from Providence for home purchased in Monroe County (not city of Rochester-there is a eperate grant for that). There are some restrictions and qualification guidlines, but overall not many hoops to jump through. Call me today for more information!
There are also local programs available. Please contact me for specific details.