Help for First-Time Home Buyers in Ga.

9:03 PM, Sep 19, 2009   |    comments
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11Alive is answering your questions about the first-time home buyers tax credit.

One 11alive viewer asks: "I know about the tax credit for first-time homebuyers, but are there any other programs in the state of Georgia that can help?"

In addition to the federal tax credit of up to $8,000 for first time home buyers, home buyers in Georgia can also get up to $1,800 back from the state.

But, like the federal program, you have to close the deal by the end of november.

Governor Sonny Perdue signed the Georgia homebuyer tax credit in May. The bill will offer up to $1,800 in tax credits to Georgia homebuyers via a credit on their state income tax.

House bill 261 gives a credit of either $1,800 or 1.2 percent of the purchase price, whichever is less. (You can only claim one-third of the credit each year, beginning with your 2009 Georgia tax return.) the purpose of the bill is to create a stimulus for home sales, and give a boost to the Georgia real estate market.

Here is how the Georgia homebuyer tax credit applies to home purchases:

* applies to single-family homes and condos if they are your primary residence

* the property must have been for sale prior to May 11, 2009 and must still be for sale

* the property must be in default on or before March 1, 2009

* the property has already been foreclosed on and is held by the bank or mortgage company

Homes purchased between june 1 and november 30, 2009 that meet the criteria will be eligible for the tax credit.

There are other programs in Georgia to help first time home buyers.

Learn more about them at the Georgia Department of Community Affairs Web Site.

 

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