Deadline Looms on Homebuyer’s Tax Credit Program – ABC 24 Eyewitness News, Memphis, TN

MEMPHIS, TN– If you’re buying a home for the first time, there’s an extra incentive to get it done soon.

 

First-time homebuyers can get an $8,000 tax credit from the federal government, but you have to hurry, the program ends November 30th.

 

Realtors say the tax credit program has been moderately popular in the Memphis area. One hot spot is Mud Island.

 

“Basically, it’s free money from the government to buy a home” says Mike Parker with Crye-Leike Realty.

 

In fact, you can get up to $8,000 back. The credit is equal to 10% of the home’s value.

 

“So if it was a $65,000 house, the tax credit would be for $6500” says Parker.

 

So who qualifies?

 

“A lot of people think it’s just for first time homebuyers. It’s not. It’s for anybody that hasn’t owned a principle residence in their name in the last three years” says Parker.

 

There are income limits. The credit starts phasing out for couples who make $150,000 a year, as well as single people who take home $75,000 or more.

 

Crye-Leike realtor Mike Parker admits some people are still a little reluctant to put their money in the housing market– despite incentives like this– but he’s feeling optimistic.

 

“Most of the realtors I’ve spoken with all feel like the bottom has come and gone” says Parker.

 

The tax credit does not have to be re-paid as long as a resident stays in the home for at least 3 years.

 

Still have questions? Crye-Leike is holding an seminar this Saturday for anyone wanting to know more about the tax credit. That’s at 10:00 AM at Crye-Leike’s Atoka branch on Highway 51 South.