The $790 billion American Recovery and Reinvestment Act signed into law by President Barack Obama in February gives first-time home buyers an exciting incentive to enter the housing market-an $8,000 tax credit. Under the new provisions, there is no repayment requirement as long as the buyer remains in the home for three (3) years. For many 2009 purchasers, the new guidelines will mean more money in your pockets come tax time.
Pay particular attention to the timeline: All purchases must take place between Jan. 1, 2009 and Dec. 1, 2009.
Additional Programs available to homebuyers
Depending on where you live many counties have additional incentives - Cobb County has the ‘Cobb County Neighborhood Stabilization Program (NSP)’ program. This is a down payment assistance program that can give you, the buyer, up to $20,000 to assist in buying a home. And you do not have to pay it back, if you complete the guidelines set fort in the program.
Neighborhood Stabilization Program will help workforce individuals and families realize the dream of home ownership. Buyers may receive contributions for down payment assistance, closing costs, a deferred second mortgage, as well as education on homeownership. In order to be eligible, the buyers must:
1. Be a U.S. citizen, qualified alien or a non-immigrant.
Family Size Maximum Income
2 $ 68,350
3 $ 76,900
4 $ 85,450
2. Be able to qualify for a mortgage.
3. Attend an 8-hour HUD class.
4. Home must be your primary residence.
5. Meet income qualifications. See chart.
As I mentioned, there are other programs available in counties throughout Georgia. Fulton County, Paulding County, DeKalb County, Etc. In fact, if you have questions about such programs, please contact our office e-mail at firstname.lastname@example.org or call 770*874*2022, and we will be happy to assist you in getting the information you need.
We will continue to inform you of other programs that can assist you in getting the best possible deal on real estate. Check our blog regularly!!!
Anita C. Young,
Milicki & Associates