First-Time Homebuyers Tax Credit
Georgia Homebuyer Tax Credit Signed into law! FAQ's are now available on GAR web site.
HB 261 was signed into law on May 11, 2009 by Governor Sonny Perdue.
The Federal Homebuyer's Tax Credit offers first time homebuyers (those who have not purchased a home for the past three years) up to $8000 (up to 10% of purchase price). First time homebuyers must be under contract by April 30, 2010, closed by June 30, 2010.
Unlike the federal tax credit, the Georgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The amount of the credit is 1.2% of the purchase price up to $1,800 spread over three years. The credit is only available to buyers of eligible single family residences who close before April 30th, 2010.
Both of these tax credits apply to buyers of primary residences.
Please call your trusted banking professional for more information on how this may apply to you, or you can call:
Lori Rua of Somerset Mortgage Corporation:
Office: 912-638-2020
Cell: 912-399-6228
email: lrua@bellsouth.net
300 Main Street, Suite 301
St. Simons Island, GA 31522
