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| April 15, 2009 |
| This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. |
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.
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| April 12, 2009 |
| The Neighborhood Stabilization Down Payment Assistance Program (DPAP) is a new program of the City of Fort Worth and funded by the Department of Housing and Urban Development (HUD) to provide financial assistance to qualified homebuyers to purchase lender-foreclosed homes with the City of Fort Worth in target areas. |
DPAP offers $25,000 in assistance, of which $5,000 can be used on closing costs and $5,000 can be used on minor repairs. The remaining balance can be used for down payment.
The program provides down payment assistance to buyers of properties in the seven ZIP code areas most heavily impacted by foreclosures. The ZIP codes include:
76131, 76137, 76133, 76123, 76179, 76112, 76248
To obtain funding from DPAP, the property must be located in the Fort Worth city limits and the homebuyer must occupy the property as its primary residence.
The program allows qualified homebuyers to apply for assistance through one of the City's Homebuyer Assistance Program approved lenders under the following conditions:
Only one-to-two unit properties are eligible (no investment properties)
The assistance can be used for closing costs, minor home repairs and principle reduction of the applicant's primary loan.
Income-eligible homebuyers will receive a deferred-payment loan with no payments or interest for 10 years. If the homebuyer remains in the home for 10 years, the loan is forgiven. The amount of the deferred-payment loan begins to reduce after five years.
Applicants are required to attend an eight-hour homeownership training workshop conducted by a HUD-approved Housing Counseling Agency. Workshops are offered in English and Spanish. For further information or to sign-up for a workshop, call 817-392-7390. |
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