Financing in 14611>Question Details

Dan, Home Buyer in Rochester, NY

I'm a potential first-time buyer in the Rochester area.

Asked by Dan, Rochester, NY Thu Feb 26, 2009

Does the $8000 tax credit apply to a side-by-side if I rent out the second half?

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Marty S’s answer
Yes.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Mon Mar 9, 2009
Not so much an answer as a question: I have read on many other real estate and duplex-specific sites that the credit woud still apply to a duplex but only to the owner-occupied portion. I too am desperately seeking clarification on this issue.
0 votes Thank Flag Link Mon Mar 9, 2009
Hello Dan,

I will be hosting a First time home buyer seminar on March 12th from 6-8 and March 14th from 12-2. I iwll be answering questions on the tax credit and just about every other question a First time home buyer would have. You can email me at JMan@JManSells.com for more information.
0 votes Thank Flag Link Sun Mar 1, 2009
Hello Dan,

Unfortunately this credit does only apply to the First time home buyer (one who hasn't owned a home in the past 3 years) of a Single Family Residence, or condo, etc. The package does not include the provision for a double or more unit. Unfortunately it wouldn't work in this situation ... but regardless this is probably one of the best times to buy in history.

Home prices are low, mortgage rates are amoung the lowest we've seen in over 50 years, there's the tax credit for those that it applies to, and sellers are anxious to make it work and get their home changed to pending and ultimately closed. There are terrific deals out there and they are everywhere.

If you'd like to discuss it further ... I'd be happy to talk to you about it -- you can reach me via e-mail or phone at your convienence.

Thanks for the question ... it's one that many people have!

Mchael Walker
Mike@MikeWalkerHomes.com
585-645-1258
0 votes Thank Flag Link Fri Feb 27, 2009
Hello Dan,
I think that the credit is to be only applied to a single family home, condo, or townhouse. I will be learning much more about the situation tomorrow, as I am attending a meeting on the subject. I will attach a quote from an email I recieved about the matter. This quote shows the criteria that must be met to recieve the credit.

"FIRST-TIME HOMEBUYER TAX CREDIT

1. To qualify, purchaser (and purchaser’s spouse) may not have owned a principal residence in the three years previous to purchase.

2. Maximum credit amount increased to $8,000 (or 10% of cost of home, whichever is less).

3. No repayment requirement – unless home is sold within three years, then credit recaptured on sale.

4. Eligible dates are January 1, 2009 – November 30, 2009 (program expires December 1, 2009).

5. Must be primary residence – can be single family, condo, co-op, townhouse.

6. Income limitations – full credit available with adjusted gross income of no more than $75,000 (individual)/$150,000 (joint); phase-out above those caps.

7. Can be claimed on:
 2008 Tax Return;
 An amended 2008 Tax Return; OR,
 2009 Tax Return.


This is what I know at the moment. As I said I will know a bit more tomorrow. If you would like feel free to give me a call or email me and I will help you figure it all out and get you into a home that works for you.

Talk to you soon,

Leif Mermagen
LSP for Nothnagle Realtors
Leif@nothnagle.com
585-576-9406
0 votes Thank Flag Link Thu Feb 26, 2009
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