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The first time home buyer
tax credit works exactly the same with the owner
financing we offer on all our homes.
It is now possible to be paid to
buy your dream home. Most of our homes only require
a $5,000 or less down payment. You can get up to $8,000
cash back as a tax credit and have $3,000 or more
to keep in your pocket.
Call us today at 1-800-728-9745
or get more
information.
- Owner financing that is easy to qualify for.
- Low down payments. ($1,000 to $6,000)
- No closing costs. The down payment is all it takes
to move in.
- No stacks of paper to sign. Just a four page owner
financing agreement.
- The tax credit is available for first-time home
buyers only. (could not have owned a home in the
last 3 years)
- The tax credit does not have to be re-paid.
- The tax credit is equal to 10 percent of the home’s
purchase price up to a maximum of $8,000.
- Single taxpayers with incomes up to $75,000 and
married couples with incomes up to $150,000 qualify
for the full tax credit.
- The credit is available for homes purchased on
or after January 1, 2009 and before December 1,
2009.
- Find out more
information on the first-time home buyers tax
credit.
Call us today at 1-800-728-9745
or get more
information.
Question:
Can a taxpayer claim the first-time homebuyer
credit if the purchase is pursuant to a seller financing
arrangement (for example, a contract for deed, installment
land sale contract, or long-term land contract), and
the seller retains legal title to secure the taxpayer's
payment obligations?
Answer:
Yes. If the taxpayer obtains the "benefits and
burdens" of ownership of a residence in a seller
financing arrangement, then the taxpayer can claim
the credit even though the seller retains legal title.
Factors that indicate that a taxpayer has the benefits
and burdens of ownership include: 1. the right of
possession, 2. the right to obtain legal title upon
full payment of the purchase price, 3. the right to
construct improvements, 4. the obligation to pay property
taxes, 5. the risk of loss, 6. the responsibility
to insure the property and 7. the duty to maintain
the property. (New 7/2/09)
All of the above "benefits
and burdens" of ownership are included in our
owner financing agreement.
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