First-Time Homebuyer Tax Credit

Read below for important changes for the first time homebuyer!

Rice Realty is located at 38 E. Columbus Avenue in Corry, Pennsylvania approximately 30 miles south east of Erie, Pa.

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Buying a Home - Rice Realty offers you 178 years of combined sales experience that can assist you in every aspect of your real estate transaction, from beginning your search to your first house warming gift.

Multi-List - As your Rice Realty hometown agency, we cooperate with other real estate agencies in the state of Pennsylvania.  This means we can show you properties listed with other agencies.

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Appraisals - These are completed by Joan Hannan, a PA state certified and licensed Real Estate Appraiser.  Appraisals are used by attorneys, banks and lending institutions for mortgages, refinancing and estates.

Selling your home - When anything and everything can go wrong - let the professionals at Rice Realty guide you through the minor and major steps of marketing your home.

First-Time Homebuyer Tax Credit

Modifications to the American Recovery and Reinvestment act Effective January 1, 2009:  

Amount of Credit  has increased to a maximum tax credit of $8,000.    Eligible properties are any single family residence that will be used as a principal residence.  This is a refundable tax credit that can reduce or eliminate your income tax liability for the year of purchase.  Any unused amount of tax credit is refunded to the purchaser.   There is an income limit, this credit applies to individuals with an adjusted gross income of no more than $75,000 ($150,000) on a joint return.   This is a plan for first-time homebuyers only.  A first time homebuyer is someone who has not owned a principal residence in three years previous to purchase.    There is no repayment of  this credit for purchases made after January 1, 2009 and before December 1, 2009.

Recapture: If the home is sold within three years of purchase, the entire amount of credit is recaptured on sale.  This applies only to homes purchased in 2009. 

The termination date for this tax credit is December 1, 2009.

If you have any questions regarding the tax credit, please call us.

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