Not all eligible Louisville residents are aware of it, but first-time homebuyers can qualify for a great deal on buying their Louisville properties through a Federal Housing Tax Credit that expires at the end of November 2009.
This Federal Housing Tax Credit for first-time home buyers is a true tax credit and not a deduction. That means that the federal government is using the IRS and the tax code to gift first time home buyers up to $8000 or 10% of the purchase price, whichever is less.
The size of this tax credit means many buyers could double their down payment or use the credit to alleviate the entire cost of closing on a property. This is truly an unprecedented deal. Those who were looking clearly at the tax credit from its inception knew that it would provide a big boost in home buying across the country, as it is clearly a great opportunity for most of those who stand to gain from purchasing their first home. There are some restrictions in place. One is aimed at ensuring that the buyer using the tax credit are true first-time homebuyers and not looking to speculate in real estate and others are restrictions on in-family sales, income caps and a few other disclaimers. Aside from those limitations, the federal program is clearly wide open to the vast majority of middle-income households who make their first home their largest investment.
For buyers looking for Louisville homes for sale in this attractive urban area, the first time home buyers credit can be just an additional incentive for closing the deal on Louisville properties that offer proximity to park land, historic locations and all of the attractions of the big city. Ask Louisville real estate agent, Jim Powell of Louisville Properties LLC about how this federal tax credit has given those who were on the fence about property buying a real incentive to seriously consider a purchase.
Whether you are looking for downtown Louisville properties or Louisville homes for sale outside of the urban area in an adjacent Oldham or Jefferson County location, the possibilities are nearly endless. Let seasoned Louisville real estate agent, Jim Powell of Louisville Properties LLC show you how this one-time tax credit can be the key to your own home and an investment in your future that will gain significant value over time. In addition to the Federal Housing Tax Credit, home sale prices are currently low so now is the time to capitalize on the combination of unique circumstances that will make it easy to purchase Louisville homes for sale. Prospective first time homebuyers who get serious about researching Louisville properties will see that “the stars are right” for making that investment this year before some of these opportunities reach their deadlines.