Friday, October 9, 2009

The Reality of the $8,000.00 Tax Credit

How does this sound? Your House Payment FREE for the first year. This is true when a 1st time buyer purchases a home in Robertson County under $120,000. and takes advantage of the first time buyer tax credit of $8,000.00 (or 10% of the purchase price which ever is less). After running the calculations, the average house payment (including principal, interest, taxes and insurance) for homes under $120,000. will be offset by the $8,000.00 credit. Giving you the first year FREE.
Many people have inquired about the first time buyer tax credit (ftbtc) and wonder if it's really a good deal. I have looked closely at the program and compiled a few pros and cons:


  • The tax credit is real money and real money in 1st time buyer's pocket (when they file their tax refund).
  • It's not just for first time buyers, if you haven't owned a home in the last three years you're eligible.
  • No forms to fill out or applicaions to complete, all inclusive with your 2010 tax return.
  • No qualifications for the home being purchased, no government inspection required.
  • No Income limits, you don't have to be poor to qualify
  • It's your money.


  • The money is not available when most 1st time buyers need it, for closing costs.
  • The tax credit may be recended if the house is sold within three years of purchase.
  • It's your money, if you qualify and don't use it - you automatically lose.
  • For home purchases that close by the end of November 2009 (tick-tock)

THE BOTTOM-LINE: If a first time buyer doesn't take advantage of this program, chances are it will cost them money. I haven't seen landlords or parents offering free rent for a year .)

Call or email me for a list homes in Robertson County under $120,000.(615) 347-6175 or