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Up to 10% of the house, so a 50K house gets you a 5K credit.
An 80K house or more gets you the full 8K.
ETA--yes there are many restrictions--income, not having owned a house in 3 yrs, etc. I don't know why a duplex wouldn't qualify (townhomes do, condos do) but maybe someone else here can confirm.
Up to 10% of the house, so a 50K house gets you a 5K credit.
An 80K house or more gets you the full 8K.
ETA--yes there are many restrictions--income, not having owned a house in 3 yrs, etc. I don't know why a duplex wouldn't qualify (townhomes do, condos do) but maybe someone else here can confirm.
interesting. thanks for the quick response
I am early 20s looking to buy a cheap 1st house. Do you know if Multi familys are eligible? same question for commercial mixed use (business downstairs, APT upstairs)
Last edited by GiantRutgersfan; 08-10-2009 at 12:58 PM..
Is there any restrictions to the $8000 tax credit?
if a house is listed at $50,000 or so, could you still get the $8000 tax credit? does 1/2 a duplex qualify?
I see condos stating that it's available for those, so I don't think it's that restrictive. As I've been repeating, the credit is ultimately a negative if you're looking for a good price.
I see condos stating that it's available for those, so I don't think it's that restrictive. As I've been repeating, the credit is ultimately a negative if you're looking for a good price.
Where were you planning to find a 50k house ?
Hey, recognize you from NJ forum.
Kicking around ideas right now. I want to start a business within the next 3-5 years, and I need to gain capital for that obviously. Thinking of moving out towards Phillipsburgh if I can find a decent paying job out that way.
Lot of really cheap places out that way (for a reason, jobs are scarce, but I work in an industry that is literally everywhere so i might be able to find something)
Kicking around ideas right now. I want to start a business within the next 3-5 years, and I need to gain capital for that obviously. Thinking of moving out towards Phillipsburgh if I can find a decent paying job out that way.
Lot of really cheap places out that way (for a reason, jobs are scarce, but I work in an industry that is literally everywhere so i might be able to find something)
I'd suggest digging through threads on investment property. Availability of cheap places is a plus, but rents may be lower (and the tenants might prove more challenging)
I've noticed that multi family homes seem to sell at a discount to single family homes, in neighborhoods where SFHs are at bubble prices. I don't really know why this is (maybe they're in worse condition, though I've seen SFHs in poor condition listed at high prices). My theory is that price of property that is primarily rental, is constrained by rents.
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