Yet another reason that this is the best time to buy...

So, the last post on this blog last week dealt with a HUGE reason that anyone who hasn't ever purchased a home (or at least, hasn't in three years) has more incentive to get on it. Here is another reason, if you live in or plan to purchase in the state of Georgia: Governor Sonny Perdue recently followed federal suit in enacting a smaller version of the $8,000 tax credit for first time homebuyers by pushing through a plan that gets Georgia homebuyers another $1,800 in tax credits. The criteria here are even looser than the nationwide plan:

• You don't have to be a virgin homebuyer. This credit applies to anyone buying a home anywhere in Georgia.
• The date range is, however, a little tighter. Eligible homebuyers must close on their home between June 1, 2009 and November 30, 2009. That's still plenty of time for shopping, loan approval and due diligence.
• The home must be in Georgia. (duh!)
• Since the federal and state tax credits are independent of each other, receiving one does not cancel out eligibility for the other.
• The house must be an older listing, that is, a listing that existed prior to May 11, 2009, since this bill is aimed at clearance of older house stock.
• This credit is $1,800 or 1.2% of the home's purchase price, whichever is the lesser amount.
• This credit must be claimed in one-third increments over a three-year period, not all at once on any given year. 2008 returns cannot be amended to include this credit.
• There are no income limits to homebuyer eligibility here, and there is no seasoning period (how long a buyer must own a house to keep the credit) required.

--Auben Homes