It Pays For First Time Buyers To Purchase Before Filing 2008 Tax Return

Dec. 11, 2008 - PRLog -- For homebuyers who are eligible for the First-Time Home Buyer Tax Credit, purchasing a new home before filing 2008 taxes will result in the fastest payback. Monte Hewett Homes has options for first-time homebuyers in Smyrna’s West Village and Roswell’s Heatherton, where townhomes start from the low $300,000s. Homebuyers who have not owned their primary residence in the last three years may be qualified to receive the credit.

“Homebuyers may be surprised at what they can afford and the quality their money can buy in an era of low interest rates and tax incentives, but time for this incentive will run out fast,” said Monte Hewett, President of Monte Hewett Homes. “We have townhomes in Heatherton and West Village that will be ready in plenty of time for buyers to get early tax credits. Otherwise, buyers will have to wait a year or more to receive their credit from the federal government.”

The First-Time Home Buyer Tax Credit provides a tax credit of up to $7,500 for homes purchased between April 9, 2008 and June 30, 2009. Buyers who purchase their homes in 2009 may elect to treat the purchase as if it occurred on December 31, 2008, so they may receive their tax credits earlier.

Homeowners who meet annual income requirements (up to $90,000 for single and $170,000 for married can receive partial credits) will receive 10 percent of the price paid for their homes back as a tax credit, up to $7,500. After two years, recipients will begin to pay back the credit as a no interest loan over the course of 15 years. For example, homebuyers who receive a $7,500 tax credit with their 2008 filings will begin paying back the government $500 a year beginning in 2010. For most homebuyers, “paying back” will not require an extra payment to the government; rather it will mean a reduction in their annual tax refunds.  For more information on the tax credit, visit www.federalhousingtaxcredit.com.

For first time buyers eager to act now, Monte Hewett Homes offers townhomes in two prime locations. In Heatherton, three-story townhomes with almost 2,400 square feet of living space have two-car, alley-entry garages, open living areas, beautiful hardwoods, large entertaining islands and granite countertops. The community is located just off GA 400 and Holcomb Bridge Road, for an easy commute to downtown Atlanta or to North Fulton offices. For more information, visit http://www.mhhomes.com/heatherton.  

West Village is an award-winning live, shop, play community near I-285 and South Atlanta Road. The two- and three-story townhomes of Town Park II in West Village provide about 2,200 square feet of living space, with granite countertops, stainless steel appliances and other high level finishes that homebuyers want. The community is convenient to downtown and work centers in Cobb County. Restaurants and shops are a picturesque walk into the community’s downtown. For more information on West Village, visit http://www.mhhomes.com/westvillage, www.westvillageGA.com or call 678-538-3130.

Monte Hewett Homes builds homes in a variety of price ranges, from the $300,000s to over $1 million. Monte Hewett builds in Atlanta’s best locations, including the Atlanta Regional Commission’s 2007 Development of Excellence Award winner, West Village in Smyrna.  Winner of the EarthCraft House Builder of the Year award for 2005, Monte Hewett fills homes with energy efficient components that save money and benefit the environment. Monte Hewett Homes makes sure its customers win every day with great design, incredible value and exceptional after-the-sale customer service. The builder has made a commitment to meeting customer needs, uniquely and personally, for life.  To find out more about the award-winning Monte Hewett Homes and neighborhoods, call 404.459.6080 or visit the award-winning website at http://www.mhhomes.com.  You will see that Monte Hewett is building a reputation…for Life.