Enhanced Tax Credit And Other Housing Incentive Programs Provides Outstanding Opportunity for First-Time Homebuyers!
On February 17, 2009 President Obama signed the American Recovery and Reinvestment Act of 2009. Part of this law authorizes up to a $8,000 tax credit for first-time home buyers. Additionally other State agencies (like the Pennsylvania Housing Finance Agency), County programs and most lenders offer programs available to first-time home buyers that are designed to provide lower interest rates and lower cost to make homeownership more affordable. When well qualified home buyers are eligible and approved for these programs they can provide a home building opportunity that has not ever been seen in history!!
However, time is of the essence. Only homes purchased before July 1, 2009 are eligible under this program.
American Recovery and Reinvestment Act of 2009 at a Glance
…v Provides a maximum of $8,000 (10% of the purchase price of the home) tax credit for first-time homebuyers only.
v A first time home buyer is anyone who has not had an ownership interest in a principal residence in the previous three years.
v All HUD code and Modular homes used as a principal residence are eligible.
v Time is of the essence, only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
v The tax credit does not have to be repaid. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes the IRS. The credit can be claimed even if the taxpayer owes the IRS little or no taxes. The credit would be issued as a REFUND!
v The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
v Income limits do apply.
v All homebuyers should consult with a tax professional to calculate the exact amount you are eligible to receive.
Keystone Home Loan Program at a Glance
…v Program managed by the Pennsylvania Housing Finance Agency (PHFA).
v Program provides qualified buyers with below-market interest rates.
v Approved Home buyer could also save on fees and title insurance.
Other Special Financing Programs
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FHA programs are available.v
Rural Development programs are available.v USDA Loans are available.
VA Loans are available.
Everyone at Riverview Homes respects how important your new home purchase is to you and your family. We also know how complicated financing and dealing with the IRS can be. That is why we have put in place two important programs to help.
In house Mortgage Company that has access to all of the above mentioned special finance programs and is skilled at navigating through the red tape and bureaucracy. Place a deposit with your RHI salesperson and allow West Penn Mortgage to do the rest. Let the mortgage expert find you the best possible loan with the highest savings.•
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RHI will pay to have your tax return done by professionals to make sure you get the maximum Tax Credit. Through a special arrangement with local tax offices, RHI will pay up to $300 to have your tax return done or amended so you can quickly get the maximum tax refund available to you (could be as high as $8,000).