Sarasota Mortgage and First Time Home Buyer Tax Credit Update

Bruce Garlitz of HomeBanc just emailed to us let everyone you know that 30 year fixed conventional rates are now between 5.25% and 5.375% depending on the day. FHA rates have been between 5.375% and 5.5% depending on the day. The US government is still offering the $8,000.00 federal housing tax credit to 1st time home buyers.

Qualifications for $8,000 tax credit:

• Must purchase a home (close and receive title) between January 1, 2009 and December 1, 2009.
• Must be a first-time home buyer, which means you cannot have owned a home for the previous three years prior to purchase.
• The home must be a primary residence, cannot be used as a vacation home or rental property.
• Home can not be purchased from a close relative such as your spouse, parent, grandparent, child or grandchild.
• Buyers must make less than $75,000 for a single taxpayer or less than $150,000, if filing jointly.

For more information on the tax credit, visit the IRS page First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009.
Contact us today for more information, or visit our award-winning Sarasota real estate website where you view detailed information on the hundreds of communities in the area and search thousands of MLS listings.