I have been getting a lot of questions lately about the incentives that are out there today from both the state and federal levels. Let me recap the incentive for you and when the incentives are scheduled to end.

Federal – There is a first time home buyers incentive of $8000. This is for first time home buyers or someone who has not owned a home for the past 3 years. They can not make more than $75,000 as an individual or $150,000 as a couple. This is a tax credit and the home buyer would be recieving that tax credit when they do thier taxes for 2009.  A tax credit means if you do not owe on your taxes when your file your forms, then you will get a check for the $8000, if you do owe additional taxes in 2009 then this would go towards that owed.  There are additional requirements, and I recommend you see a tax advisor, I am just trying to give you a brief overview. THE TAX CREDIT IS SET TO EXPIRE ON 11/30/2009. That means the transaction must close prior to 11/30/2009.

State – The “Home Run” grant is back! This is a grant that the home buyer will recieve at CLOSING, and can be used for closing costs or down payment. The amount this time is $4000 and is for homes that have never been lived in before. This is not just for first time home buyers…..Anyone can get the grant, as long as they don’t make more than $75,000 as an individual or $150,000 as a couple.  There are a certain number of these grants available and once they are gone, they’re gone. As of this posting there are 1795 available. This program is also set to expire on 11/30/2009 if all the grants have not been used yet. Remember the home purchase must be closed by 11/30/2009.

There are many good reasons to buy right now but time is running out on these great incentives!