Not all eligible Louisville residents know this, but first-time homebuyers may qualify for a great deal on their Louisville property purchase through a Federal Home Tax Credit expiring at the end of November 2009. .
This federal first-time homebuyer home tax credit is a true tax credit and not a deduction. That means the federal government is using the IRS and the tax code to give away first-time homebuyers up to $8000 or 10% of the purchase price, whichever is less.
The size of this tax credit means that many buyers could double their down payment or use the credit to ease the full cost of closing on a property. This is truly an unprecedented deal. Those who clearly looked at the tax credit from its inception knew that it would provide a huge boost in home buying across the country, as it is clearly a great opportunity for most who would benefit from their first home purchase. There are some restrictions. One is to ensure that the buyer using the tax credit is a true first-time homebuyer and not looking to speculate in real estate and others are restrictions on household sales, income limits, and a few other disclaimers. Those limitations aside, the federal program is clearly open to the vast majority of middle-income households making their first home their biggest investment.
For buyers looking for Louisville homes for sale in this desirable urban area, the first-time homebuyer credit may be just an added incentive to close the deal on Louisville properties that offer proximity to parks, historic sites, and all the big city attractions. Ask Louisville real estate agent Jim Powell of Louisville Properties LLC about how this federal tax credit has given those who were on the fence about buying property a real incentive to seriously consider a purchase.
Whether you’re looking for downtown Louisville real estate or Louisville homes for sale outside of the urban area in an adjacent location in Oldham or Jefferson County, the possibilities are nearly endless. Let experienced Louisville real estate agent Jim Powell of Louisville Properties LLC show you how this unique tax credit can be the key to your own home and an investment in your future that will yield significant value over time. In addition to the Federal Housing Tax Credit, home sales prices are currently low, so now is the time to capitalize on the combination of unique circumstances that will make buying Louisville homes for sale easier. Prospective first-time homebuyers who are serious about researching Louisville real estate will find that “the stars are right” to make that investment this year before some of these opportunities hit their deadlines.
