First-time Homebuyer Deadline Nears
Mon, 12 Oct 2009 01:50:26 GMT —
Time is quickly running out for 134,000 homeowners across Texas that qualify for an $8,000 government credit on their first home.
"November 30 is the deadline for those first-time homebuyers to qualify, IRS Spokewoman Irma Trevio said. This American recovery and reinvestment act is trying to inject money into the economy.
She said that to qualify, homeowners must earn less than $75,000 a year for individuals, or $150,000 for couples and families. Moreover, the program only applies for first-time homebuyers, or those who have not owned a home in the past three years.
22 year old Julian Salinas will be one of these soon to be homeowners. On November 5, his $85,000 three-bedroom property will be ready for him to move in.
My own home, he said. "I have friends paying 600 bucks, 700 for an apartment two bed, and its probably half the size of this," he said pointing at his half finished structure.
Salinas said the money from the credit could come in very handy when furnishing his house.
He has yet to apply for the credit, but he knows time is on his side. Come November 5, he'll be one of Brownsville's newest homeowners.
To apply for the program, applicants must complete Form 5405, which can be found on the IRS website at www.irs.gov.