First Time Home Buyer Tax Credit

As I am helping a young couple to buy their first home in Olathe and take advantage of the First Time Home Buyer Tax Credit I wanted to bring you this little discussed caveat:  It’s up to 10% of the home’s purchase price to a maximum of $8,000. 

Now most people won’t have any difficulty with that because they will buy a house priced over $80,000.  But this young, soon-to-be-married couple are looking at homes priced between $70,000 and $100,000.  So they could potentially be under the $80,000 purchase price.  Just something to be aware of.

By the way, these first time home buyers are smart.  Between the two they could qualify for a home up around $175,000 to $180,000.  But they’d rather stay out of debt and being newly married they want their own house but not the massive debt that can come with it.  Ah, if I had the chance to do it all over again…

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Filed under First Time Home Buyers, Kansas City Real Estate, Olathe

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