First-Time Homebuyer’s Credit Information
Effective immediately, the First Time Home Buyers Credit provides some relief to first-time homebuyers by reducing the buyer’s portion of the state transfer tax by one-half of the one percent increase levied in 2017 by the General Assembly. A cap on the purchase price is set at $400,000, and the maximum credit that can be claimed is $2,000. First-time homebuyers who paid the full tax after August 1, 2017, can apply for a refund.
To qualify as a first-time buyer, individuals must have no record of owning a direct, legal interest in residential real estate. In addition, all first-time buyers must intend to occupy the property as their principal residence
Information on credit qualifications, FAQs, and forms can be found here. Also on that page is the number for Taxpayer Assistance.
For more information, brokers may contact the DAR Legal Hotline; instructions are here. Buyers may also contact their accountant.
Smart Home Upgrades on a Budget
When it comes to home improvement, some dollars stretch more than others. And if you’re on a limited budget, it becomes even more important to spend those dollars wisely.
Click here for seven affordable home improvement projects that’ll help you enjoy your home more today and provide excellent financial return in the future.
Looking for a Morgtage?
There are many mortgage companies out there, all vying for your business. How do you choose the right one for you? This article could help.
In-law suites, granny flats, accessory dwelling units — whatever you call them, developers and housing economists say these units could be a cure to the inventory shortage in real-estate markets nationwide. Read more.
What Is a Seller’s Market? A Tough Road for Home Buyers
Due to increased competition, they’ll have to act fast, bid high, and generally bend over backwards to woo sellers into accepting their offer. More here.
Whether you’re buying or selling for the first time or another time, a multitude of resources are available to help you through the process.A wealth of information for consumers at each stage of homeownership, along with services to help you realize your dream and beyond, are available from this website. Check the menu of resources for access to information.