First - Time Homebuyer Tax Credit

As Modified in the American Recovery and Reinvestment Act

Many of you were aware of the $7500 income tax credit given for purchasing a home from April 9, 2008 to 2009. There have been some changes to this program that will excite any first time home buyer.

Here are the changes to the program:

1. The program can give you a tax credit of up to $8000 on your income tax

2. Any single family residence including condos and co-ops that will be used as a primary residence qualify.

3. Your gross income can not exceed $75,000 ($150,000 for joint return).

4. The purchaser's or purchaser's spouse may not have owned a primary residence in 3 previous years to purchase to qualify.

5. There is no repayment of the tax credit!

6. You must purchase prior to December 1, 2009.

So start shopping for a bargain. With interest rates low now is a great time to buy.

GWINNETT COUNTY HOMEStretch DOWN PAYMENT ASSISTANCE PROGRAM
Down Payment Assistance is Available

Applications are now being accepted for the Gwinnett County HOMEStretch Downpayment Assistance Program, for individuals and families purchasing homes in Gwinnett County. This program began in the 3rd quarter of 2008 and funding ran out quickly. But as of today February 18, 2009 funding is available!

This program is funded by HUD’s HOME Investment Partnership Program and is administered by the Gwinnett County HOMEStretch Homebuyer’s Down Payment Assistance Program.

HOW CAN THIS PROGRAM ASSIST YOU?

The Down Payment Assistance Program, known as the Gwinnett County HOMEStretch Down Payment Assistance Program may provide the participant with Down Payment, Closing Costs, and/or Prepaid Items, not to exceed $7,500.00. This is a deferred payment and zero interest loan with a 5 year maturity period.

WHO IS ELIGIBLE?

First-time homebuyers including homebuyers who have not owned a home in three years who meet the income guidelines as established by HUD and set forth below, who are credit worthy and who agree to complete HUD Pre-purchase Certified counseling.

INCOME GUIDELINES

Family Size Maximum Income
1 $39,850
2 $45,550
3 $51,250
4 $56,950
5 $61,500
6 $66,050
7 $70,650
8 or more $75,200


To qualify for a Gwinnett County HOMEStretch Homebuyers Down Payment Assistance Loan, the applicant must purchase a home in Gwinnett County.

WHAT TYPES OF PROPERTIES ARE ELIGIBLE?

Single family detached homes, townhouses, and condominiums constructed after 1977 are eligible.