First-Time Home Buyer Credit

For Buyers: Please take a moment to review these great points from First Citizens Mortgage Services regarding the First-Time Home Buyer Credit. Feel free to pass this information along to anyone who may find it useful.Key Points: First-Time Home Buyer Tax Credit
* This credit is available to homebuyers who purchase a home before December 1, 2009.

* In an effort to make the effects of the credit felt quickly in the economy, homebuyers can claim the credit either on their 2009 tax return or immediately on the 2008 return due in April.

* The tax credit represents 10 percent of the purchase price of a home up to a maximum of $8,000 ($4,000 for married taxpayers filing separate returns).

* The credit does have to be repaid if the homeowner sells the home in less than 36 months or if the home ceases to be his principal residence during that time.

* For the purpose of this credit, a first time homeowner is defined as one who has not owned a home for the 36 months ending on the date of purchase.

* The credit is available to taxpayers with adjusted gross incomes up to $75,000 or $150,000 for married taxpayers filing jointly. Above those income levels the credit is phased out gradually.


* Homeowners who purchased a house between April 8 and December 31, 2008 are not eligible for the new credit. They are covered by the earlier legislation and can claim the $7,500 repayable credit that is actually a 15 year loan.

Customers must consult a local tax professional to discuss how this information applies specifically to their unique financial situation.

We hope you will be able to put this information to use immediately with clients. We welcome the opportunity to partner with you to serve them!

Mortgage Services Team:
Jamie Barron 716-8764 // Kristen Carmack 716-4153 // Ryan Shaughnessy 716-4103 // Erik Taylor 716-2692

Steve Powell, First Citizens Bank
SVP, Mortgage Sales Manager, Central Region
336.412.4033 (O) | 336.412.4008 (F) | 866.407.4206 (EFax) | 336.848.2283 (C)
For Brokers: I had the great opportunity to take a very affordable (only $10!) CE class with the folks from First Citizens Mortgage Services. It was one of the best CE classes I've had to date and you wouldn't believe the amount of useful information I learned to help buyers (first-timers and repeat, alike!). Contact Steve Powell (steve.powell@firstcitizens.com, 336-412-4033) for more info or to sign up for a future event yourself.