Champaign Illinois real estate - First-Time Homebuyer Tax Credit

Posted on June 5, 2009
Jeff Klotz
Filed Under First Time Home Buyers, For Buyers |

dollar sign sm Champaign Illinois real estate First Time Homebuyer Tax CreditIt is amazing to think that some consumers have not yet heard of the first-time home buyer tax credit of $8,000, but it’s true…

I just got off the phone with a new client who is excited about benefiting from this very program.

Another issue seems to be the misinformation being disseminated to the general public regarding the tax credit program.

A number of consumers have this new $8,000 tax credit confused with the old tax credit of $7,500.  The two big differences with the $8,000 tax credit versus the $7,500 tax credit are the repayment stipulation and the date with which you must purchase a property.

The $7,500 tax credit is done.

It’s time to focus on the $8,000 tax credit.

The first-time home buyer tax credit of $8,000 has no repayment requirement for first time home buyers who purchase a home between January 1, 2009 and December 1, 2009.

The temporary tax credit is just that, temporary.  There should be some urgency on the part of the public to take advantage of the first-time home buyer tax credit.

Two other factors are:

You can find more information regarding the first-time home buyer tax credit at the Illinois Association of Realtors website.

I know here in Champaign-Urbana, IL we are educating our first time home buyers to take full advantage of this program while it lasts.  But time is running out, so contact me today directly 217-239-7214 for more information about this tax credit.

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Comments

2 Responses to “Champaign Illinois real estate - First-Time Homebuyer Tax Credit”

  1. Micha on June 10th, 2009 6:03 am

    Thanks for clearing up that whole $8,000 messup. A lot of people think no matter what the price of the home is, they get 8 grand like that.

  2. Jeff Klotz on June 19th, 2009 1:07 pm

    Micha,

    Thank you for the feedback. I’m glad it was helpful.

    Jeff

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