In this market there are a number of things working in your favor as a first time homebuyer. Homes are more affordable than ever, inventory is sky high, interest rates are historically low, sellers are bargaining, and there is an $8,000 tax credit for first time homebuyers.

Here is a basic overview of the first time homebuyer tax credit:

1. Credit for up to 10% of the cost of your new home with a cap at $8,000.

2. Price of home must be over $80,000 to qualify.

3. You qualify if you are a first time homebuyer or have not owned a home for three of the last five years.

4. Individual income cannot be over $75,000 or a married couple cannot make over $150,000. If you make more you may still qualify for a partial credit.

5. You will not have to repay the credit.

6. You claim the credit on your 2008 or 2009 tax return on the new IRS form 5405.

7.  You must close on your home before December 1, 2009 to be eligible.

If you are a first time homebuyer looking to purchase property in the Myrtle Beach area please contact me today! Or call 843-424-6900.