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First Time Home Buyers in Las Cruces
 As a first time home buyer in Las Cruces, you may start to feel a little overwhelmed. It is the goal of Steinborn GMAC Real Estate to give you the information and resources you need so that you have all the confidence and financial help to make that dream of buying your first home here in Las Cruces, NM become a reality. The more you know about the Las Cruces, NM home buying process, the more likely you will be able to purchase the home of your dreams right here in Las Cruces in the beautiful southwest. The largest hurdle that most of our first time home buyers in Las Cruces face is making that down payment. Nearly every state has a first time home buyer program. There are also Federal programs. You should know that there are dozens and dozens of programs available to the first time home buyer. At Steinborn GMAC Real Estate we can cover it all with you in a few different meetings. Contact us today so tat we can provide you the complete information you need.
Some of the help offered in states includes the form of low-interest loans, outright gifts, and grants. For a lot of the first time home owners that we work with here in Las Cruces, NM, grants are the factor making them able to buy their first home.
Nearly every state wants to help first time home buyers, so they offer many home buyers programs.
You may be already be familiar with buying a home. However, you need to learn more. The more you learn, the more you will benefit from your knowledge. At Steinborn GMAC Real Estate we are here to provide tips for first time home buyers covering all aspects of the home buying process.
$8,000 First-Time Homebuyers Tax Credit
Overview
The Economic Stimulus Bill signed by President Obama in February offers first-time homebuyers a tax credit equal to 10% of the cost of their home up to $8,000. This tax credit is available to first-time homebuyers who purchase a home in the United States as their principal residence on or after January 1, 2009, and on or before November 30, 2009.
To qualify as a first-time homebuyer, you cannot have owned an interest in a principal residence in the past three years from the date of the qualifying purchase.
To qualify for the full amount of the tax credit, you must earn no more than $75,000 if filing as Single or Head of Household. If filing a joint return, the buyers may have a combined income of no more than $150,000. There is a phase out of the credit if reported income is more than $75,000.
The tax credit must be taken as a credit from your total tax liability for the 2008 or 2009 tax year. Also, the tax credit is "refundable," meaning that the taxpayer can receive a tax refund if the credit is greater than the estimated liability.
This credit does NOT have to be repaid, making the tax credit a fantastic opportunity that anyone considering becoming a first-time homebuyer cannot afford to miss.
Further information can be found at www.federalhousingtaxcredit.com or www.irs.gov. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
Further information can be found at www.federalhousingtaxcredit.com or www.irs.gov. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
Take a look at our helpful worksheets to help you on your way to purchasing your first home!
Assets Worksheet
Borrowing Worksheet
Debt Worksheet
Financing Checklist
Home Information Checklist
Moving Hints Checklist
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