First time buyers of Fairbanks, Alaska homes get up to an $8,000 Rebate!
The "American Recovery and Reinvestment Act of 2009" recently signed into law improves the Federal tax credit to first-time Fairbanks homebuyers. This is a credit back to first time Fairbanks homebuyers or a credit against taxes currently owed to Uncle Sam.
How does this apply to Fairbanks homebuyers? To qualify for the tax credit...
- You have to be a first time home buyer; meaning the borrower(s) can not have owned a home at anytime in the last three years;
- Your income can't exceed $75,000 for a single borrower or $150,000 for a married couple;
- The purchase must be for a principle residence. The credit doesn't apply to investment properties or second/vacation homes and;
- The purchase dates must fall between January 01, 2009 and December 1, 2009.
Unlike the previous homebuyer tax credit, this one isn't a loan and you aren't required to repay the money, unle
ss you sell the home within the first three years. This is a perfect solution for our military servicemembers. Folks PCSing into Eielson Air Force Base or Fort Wainwright Army Post who are first time homebuyers can and should take advantage of this opportunity.
How it works:
Folks buying a home in Fairbanks or the surrounding communities will receive a income tax credit equal to 10% of the purchase price with a maximum tax credit of $8,000. The average price of a single family home in Fairbanks is $242,000, meaning just about everyone will qualify for the maximum tax credit.
The $8,000 is a credit against your current tax obligations. If you owe $10,000 in taxes, after the tax credit is applied, you'll owe $2,000. Likewise if your tax bill is only $5,000 you can expect a $3,000 rebate.
Wow Jesse, looks like this phase of Obamanomics just might help stimulate this economy... Lord knows the housing market has surly taken it on the chin...
Your building consultant in Spring Hill, TN ~ Michael
It sounds like a good opportunity for first time home buyers.
Wonderfully explained! Thanks Jesse!
Way to go my friend, keeping the folks of Fairbanks updated.
Jesse,
I hope things are beginning to thaw for you guys up there...!!! BTW, have you heard we have a new President down here in the lower 48...??? LOL, Thanks, Fran
Sounds like we get to explain this one again. It's a great opportunity for first time buyers and I'm am telling anyone that will listen.
jesse - i am so happy to see everyone getting this info out there! You are a true gem for your folks in Fairbanks!
Great news for Alaska home buyers, Jesse. 'Betting this news gets some folks off the fence!
Great explanation Jesse, and it looks as though our first time buyer price points may be similar.
Jesse,
Thanks for the explanations. One trouble only: you always mention Fairbanks, and we deal with folks in Daytona, and you are making it impossible stealing from you (LOL)
Jesse, I think I just figured out I messed up a comment on a different blog. You explained it so well, that I finally figured it out oohhh, that's how it works. Thanks for helping a friend out. :)
You don't happen to know if the borrower still qualifies for this tax credit if they have a non-occupant co borrower on the loan do you?