Any house purchased by a qualified homebuyer prior to December 1 of this year will earn the buyer an $8000 credit toward their income taxes.  If they don’t owe that much in taxes, the feds will write them a check.  And…a program has been approved that will allow the buyer to borrow the money up front and pay it back when the IRS sends it back (details are still being developed).  That way the $8000 can be used to increase the downpayment or pay closing costs. 

Who is a “qualified” homebuyer?

• Must be buying their primary residence
• Cannot have owned a house in the past 3 years
• Must earn less than $75,000 per year ($150,000 for a couple)
• Must be buying a building of no more than 4 units (condos qualify)
• Must move in prior to December 1, 2009

What with low prices and this program, there has never been a better time to buy that first home!

If you have used or are using the program, share your experience.  If you have questions, post them here for answers – if we don’t know, someone else will!

For more information on Bellingham Real Estate or to search for homes in the Bellingham and Whatcom County area visit www.JohnsonTeamRealEstate.com, your one stop Bellingham real estate and community information resource!