For Floridians there is good news. Those who qualify for the $8,000 first-time home-buyers credit do not have to wait to file their Federal tax return. They will be able to apply for down-payment assistance through the State of Florida before they close on the purchase of their new home, and then repay the amount borrowed when they receive their Federal tax refund. In order to be eligible for the $8,000 tax credit/down payment assistance, the buyer must have found a home, secured financing, and closed on the property by November 30, 2009
The amount of tax credit is determined by two factors:
- The price of the home – the credit is equal to 10% of the purchase price of the home up to $8,000.
- The Buyer’s income – single buyers with income up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.
Remember – to qualify as a “first-time homebuyer” the buyer or their spouse may not have owned a primary residence during the three years prior to the purchase.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]