$7500 Tax Credit for you?

JOHN RICE ASSOCIATE BROKER | REALTOR

Have you heard the latest news in home purchases? Now most individuals who have not owned a home in the last 3 years will qualify for a $7500 tax credit upon the purchase of a home. It’s retroactive back to April 9 of 2008 until July 1 2009.

At a glance it breaks down like this:

  • The tax credit is available for first-time home buyers only. (The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. )*
  • The maximum credit amount is $7,500. *
  • The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.*
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. *

*excerpts taken from the Federal Housing tax Credit website

What does this mean for you? It could mean $7500 taken directly off your income tax that you owe (see definition of income tax credit at http://www.federalhousingtaxcredit.com/faq.php#11 see #11)

To learn more about the Federal Housing Tax credit please visit their website at:http://www.federalhousingtaxcredit.com/index.html

If you’re a first time home buyer now is the time to act! Not only do you currently get the $7500 tax credit as mentioned about but also the down payment assistance programs that have become so popular in recent history are going away. Meaning that if you intend to purchase a home with zero down action must be taken prior to September 30 of this year. Otherwise 3.5% will be required as a down payment. The details on this are slim at this point and I am hopeful something else will assist in allowing some home buyers to continue to purchase with zero or little down. I’ll continue to update you on the progress of this.

If you would like more information regarding this program please contact me and I’ll put you in touch with a lender who can answer your specific questions.

Find out more about west michigan real estate at mynewgrhome.com!

We would love to hear from you!

Let’s connect and get you on the path to success!

get in touch
A few words from our clients:
We can’t say enough good things about John. He is an awesome realtor! We bought our home with his help and just recently sold it with his help. He is highly knowledgeable about the Grand Rapids area market and his expertise and professionalism has shown through both times we worked with him...John is a wonderful communicator and a genuine person. His sincerity has been evident in his commitment to making the purchase and sale experience as seamless and informed as possible. We consider ourselves incredibly fortunate to have worked with John and strongly recommend him without reservation!
E&T VanBuskirk
We have worked with John multiple times now, both buying and selling homes. We 100% recommend him and he’ll always be our go-to realtor for any future real estate needs. John is experienced in the industry and well-known and respected. He is extremely professional and knowledgeable, on top of being an all-around nice guy. He is responsive and answered all of our questions along the way. We asked John for several referrals for other services (lender, cleaner, etc.) and we were very happy with all his suggestions. John is honest and will listen to your concerns/opinions. He is never pushy, but gives great advice based on his years of experience. We are so thankful for the guidance we received from John to make our recent home buying and selling experience successful and quick! If you need a realtor, call John.
G&E Webb
John helped us sell our house when we moved out of Grand Rapids 3 years ago and recently helped us purchase a new house when we moved back. He is very professional and knowledgeable of the area and market. I would recommend him to anyone looking to buy or sell.
S&K Weber
Purchased and sold with John, he is: Professional, an extremely good communicator, precise, and acted on our behalf 24/7. He kept us up to date on listings for purchase and preparation advice for selling our home. He was knowledgeable about neighborhoods. Photography for sale of our house was impressive. We were appreciative of the guidance regarding making offers, inspections, when to list our home, writing contracts, detailed review and presentation of offers on our home and being realistic about our purchase of new home. Great experience, Great Realtor.
J&G Junod
It was a wonderful experience working with John. His professionalism, honesty, experience, and knowledge of the Grand Rapids market, helped us in multiple ways. John sold our home in one day, was honest about what we could expect from offers, and was spot on. As we progressed toward finding our new home, again, he was extremely knowledgeable about the neighborhoods, home values, and history of the homes. We are more than happy to say, that he helped us find our dream home within our budget! Anything I needed, he was there through emails, texts, or phone calls. He definitely put in a lot of work for us. Without a doubt, I will ask for his assistance again when the time comes. Thank you John!
T&A Lascari
John Rice is hands down one of the best realtors in the Grand Rapids and surrounding areas. We have utilized him as our realtor on two separate occasions, once over 10 years ago, and again over the last several months to buy/sell. He is incredibly knowledgeable and uses his expertise to help guide you in your choices throughout the realty process. He is professional, kind, has impeccable attention to detail, responsive, and clearly loves what he does. Choose John for your realty needs…he is the best of the best!
Amanda W
We have worked with John to sell 1 home and buy 2 homes and he is an incredible realtor! He is professional, prompt with communication, honest and patient. We had quite the list for what we were looking for and John was always available to answer questions and get us in to look at a home. His knowledge and connections in the industry made both the buying and selling process go smoothly. We simply cannot recommend John enough!
Chase and Nicole O
We moved to the Grand Rapids area 11 years ago and John was very patient as we found our first home and made the experience absolutely seamless! When we were ready to sell and buy again we knew to reach out to John. As we remembered and appreciated, John is an absolute professional and was and advocate for our best interests at all times during this wild market. We found great value in our new home and he helped us get top dollar for our sale. Grateful to have him on our side though the whole process. You won’t be disappointed!
Lance W