Approved Team Lending
(866) 790-7883
2009 First Time Home Buyer Tax Credit

In an effort to stimulate the economy and stabilitze the housing market, a tax credit of up to $8,000 is now available for
qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1,
2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.


Snapshot of the $8,000 Tax Credit

  • Only for 1st Time Home Buyers

  • The Tax Credit is up to 10% of the Purchase Price up to a Maximum of $8,000

  • Available for purchases from January 1, 2009 to December 1, 2009

  • Does not have to be repaid

  • Income Limits are as follows for full tax credit:  Single taxpayers with incomes up to $75,000 and married couples
    with incomes up to $150,000


Frequently asked Questions

1) Who is eligible for this tax Credit? Any first time home buyer that purchases a home between January 1, 2009 and
December 1, 2009 are eligible for the tax credit.

2) What is the description of a First Time home buyer?  A First Time home buyer is described as someone who has never
purchased a home and/or a person who has not owned a primary residence for the previous three years.  

3) Are there any income limits for the tax credit?  The tax credit amount is reduced for buyers with a modified adjusted gross
income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit
amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced
proportionally for taxpayers with MAGIs between these amounts.

4) How do I determine my tax credit amount? The tax credit is equal to 10 percent of the home’s purchase price up to a
maximum of $8,000.

5) What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS. To find it, a
taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions
(known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal
exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the
form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages,
salaries, interest income, dividends and capital gains.

6) Do I qualify for any tax credit if my modified adjusted gross income is above the limit?  Possibly depending on your
income.  Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7) How is the 2009 tax credit different from the 2008 tax credit?  The main difference is that the 2009 tax credit does not
have to be repaid where the 2008 did.  The 2008 tax credit was in essence an "Interest free" loan that needed to be paid
over 15 years.  The 2009 tax credit does not have to be repaid if the residence stays as the primary residence for 3 years.  
Also, the 2009 tax credit is up to $8,000 versus the 2008 tax credit up to $7,500.

8) What types of properties qualify for the tax credit?  Any Single family home, Condomium, Townhome, Manufactured
homes, and Mobile homes that is your primary residence.

9) How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other
applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure
they qualify for the credit under the income limits and first-time home buyer tests.


10) What does it mean that the tax credit is "refundable"?  This means that the home buyer credit can be claimed even if the
tax payer has little or no federal income tax liability to offset.  The government would send the tax payer a check for a portion
or all of the tax credit.  For example, if a tax payer owed $2,000 in federal income tax to the government and qualified for the
tax credit, the government would actually send the tax payer $6,000 ($8,000-$2,000).  Another example, if a tax payer owed
$8,000 in federal income tax to the government and qualified for the tax credit, the tax payer would owe $0 to the
government and get no money back.

11) Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes.
That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to
the IRS.

12) If I bought a home in 2008, do I qualify for this tax credit?  No.  You may qualify for the 2008 tax credit.  Click here for
more information.
Get Prequalified:
Name:
Email address
Phone number:
Florida First Time
Home Buyers
Apply Now
Homes in Florida

Are you Interested in purchasing a
Foreclosure or Short Sale in South
Florida?  

Click Here
www.ApprovedTeamLending.com-Florida County List
Florida Mortgage Services

Are you interested in purchasing a
home in the State of Florida?  Our
Mortgage Specialists have extensive
knowledge in helping first time home
buyers from application to closing.  If
you are interested in obtaining more
information on getting qualified for a
home purchase, our Mortgage
Specialists will be happy to help.
Copyright 2009 www.approvedteamlending.com - all rights reserved
(866) 790-7883
More About Florida First Time Home Buyers
First Time Home Buyer Questions
Answered here.....

Question:  Can I purchase a home
if I have had a Bankruptcy in the
past 5 years?

Answer:  The answer depends on
exactly how long it has been since
the Bankruptcy where you would
qualify or not.  Some programs
require a 2 year time frame to pass
before qualifying for a First Time
Home Buyer loan while others
require up to 5 years time.  Contact
us today to speak to a Mortgage
Specialist to see if you qualify by
clicking here.
First Time Home Buyer
Questions Answered here.....

Question:  Can I purchase a
home with little money down?

Answer:  First Time Home Buyers
have an opportunity to purchase
their very first home with as little
of a down payment as 3.5%.  
Contact us today to find out HOW
by clicking here.
First Time Home Buyer Questions
Answered here.....

Question:  I was unemployed for 2
months last year but am now
working in the same line of work for
another company.  Is that job gap
going to prevent me from buying a
home?

Answer:  In most cases, the 2
month gap of Employment will not
prevent you from purchasing your
First home.  Every program is
different but generally speaking,
the First Time Home Buyer loan
would not penalize you. It is
important to note that you must
now be employed in order to qualify
with at least 30 days of income with
your new employer.  Contact us
today to speak to a Mortgage
Specialist to see if you qualify by
clicking here.
First Time Home Buyers: Learn more about Florida

Florida is a state located in the southeastern region of the United States, bordering Alabama to the northwest and Georgia
to the northeast. Much of the land mass of the state is a large peninsula with the Gulf of Mexico to the west and south, and
the Atlantic Ocean to the east. Most of Florida has a humid subtropical climate; southern Florida has a tropical climate.
Florida was named by Juan Ponce de León, who landed on the peninsula on April 2, 1513. Florida is the fourth most
populous state in the U.S.

Archaeological research indicates that Florida had been inhabited for thousands of years before any European
settlements. Of the many indigenous peoples, the largest known were the Ais, the Apalachee, the Calusa, the Timucua
and the Tocobago tribes.

"Florida" is the oldest surviving European place-name in the U.S. Juan Ponce de León, a Spanish conquistador, named
Florida in honor of his discovery of the land on the evening April 2, 1513, six days after Easter and still during Pascua
Florida, a Spanish term for the "Flowery Easter" season, and for the land's appearance as a "flowered land." "It was named
for these two reasons." (Juan Ponce de León may not have been the first European to reach Florida; according to one
report, at least one indigenous tribesman who he encountered in Florida in 1513 spoke Spanish.) From that date forward,
the land became known as "La Florida," although after 1630 Tegesta (after the Tequesta tribe) was throughout the 1700s
an alternate name of choice for the Florida peninsula following publication of a map by the Dutch cartographer Hessel
Gerritsz in Joannes de Laet's History of the New World.


Geography of Florida for the First Time Home Buyer

Much of the state of Florida is situated on a peninsula between the Gulf of Mexico, the Atlantic Ocean, and the Straits of
Florida. It extends to the northwest into a panhandle, extending along the northern Gulf of Mexico. It is bordered on the north
by the states of Georgia and Alabama, and on the west, at the end of the panhandle, by Alabama. It is near several
Caribbean countries, particularly The Bahamas and Cuba. Florida's extensive coastline made it a perceived target during
World War II, so the government built airstrips throughout the state; today, approximately 400 airports are still in service.
According to the National Drug Intelligence Center, Florida has 131 public airports, and more than 700 private airports,
airstrips, heliports, and seaplane bases.Florida is one of the largest states east of the Mississippi River, and only Alaska
and Michigan are larger in water area.

The Florida peninsula is a porous plateau of karst limestone sitting atop bedrock. Extended systems of underwater caves,
sinkholes and springs are found throughout the state and supply most of the water used by residents. The limestone is
topped with sandy soils deposited as ancient beaches over millions of years as global sea levels rose and fell. During the
last glacial period, lower sea levels and a drier climate revealed a much wider peninsula, largely savanna.The Everglades,
an enormously wide, very slow-flowing river encompasses the southern tip of the peninsula.

What type of weather can a Florida First Time Home Buyer expect?

The climate of Florida is tempered somewhat by the fact that no part of the state is very distant from the ocean. North of
lake Okeechobee, the prevalent climate is humid subtropical climate, while south of the lake has a true tropical climate.
During late autumn and winter months, Florida could experience cccasionally cold fronts that can bring high winds and
relatively cooler temperatures for the entire state, with high temperatures that could remain into the 40s and 50s (4 - 15 °C)
and lows of 30s and 40s (0 - 10°C) for few days.

The hottest temperature ever recorded in the Florida was 109 °F (43 °C), set on June 29, 1931 in Monticello. The coldest
was–2 °F (−19 °C), on February 13, 1899, just 25 miles (40 km) away, in Tallahassee. Mean high temperatures for late
July are primarily in the low 90s Fahrenheit (32–35 °C). Mean low temperatures for late January range from the low 40s
Fahrenheit (4–7 °C) in northern Florida to the mid-50s (≈13 °C) in southern Florida.

The seasons in Florida are determined more by precipitation than by temperature, with the hot, wet springs and summers
making up the wet season, and mild to cool, and the relatively dry winters and autumns, making the dry season.

Florida's nickname is the "Sunshine State", but severe weather is a common occurrence in the state. Central Florida is
known as the lightning capital of the United States, as it experiences more lightning strikes than anywhere else in the
country.  

Hurricanes pose a severe threat during hurricane season, which lasts from June 1 to November 30, although some
storms have been known to form out of season. Florida is the most hurricane-prone US state, with subtropical or tropical
water on a lengthy coastline. It is rare for a hurricane season to pass without any impact in the state by at least a tropical
storm. August to October is the most likely period for a hurricane in Florida.



What type of Population can a Florida First Time Home Buyer expect?

Florida has the 4th highest state population in the United States. The center of population of Florida is located in Polk
County, in the town of Lake Wales. As of 2008, Florida's population was estimated to be 18,328,340. The state grew
128,814, or 0.7% from 2007. Using the latest population estimates, Florida is the nation's thirtieth-fastest-growing state.
During Florida's peak growth year of 2005, it was the nation's fifth fastest growing state and grew at an annual rate of 2.2%.


What kind of Economy can a Florida First Time Home Buyer expect?

The Gross Domestic Product (GDP) of Florida in 2007 was $734.5 billion. Its GDP is the fourth largest economy in the
United States. Personal income was $36,665 per capita, ranking 20th in the nation.

Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about
60 million visitors to the state every year. Amusement parks, especially in the Orlando area, make up a significant portion
of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and
more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other
major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months.

The second largest industry is agriculture. Citrus fruit, especially oranges, are a major part of the economy, and Florida
produces the majority of citrus fruit grown in the U.S. – in 2006 67 percent of all citrus, 74 percent of oranges, 58 percent of
tangerines, and 54 percent of grapefruit.

Phosphate mining, concentrated in the Bone Valley, is the state's third-largest industry. The state produces about 75
percent of the phosphate required by farmers in the United States and 25 percent of the world supply, with about 95
percent used for agriculture (90 percent for fertilizer and 5 percent for livestock feed supplements) and 5 percent used for
other products. Since the arrival of the NASA Merritt Island launch sites on Cape Canaveral (most notably Kennedy Space
Center) in 1962, Florida has developed a sizable aerospace industry.

The state was one of the few states to not have a state minimum wage law until 2004, when voters passed a constitutional
amendment establishing a state minimum wage and (unique among minimum wage laws) mandating that it be adjusted
for inflation every six months. Currently, the minimum wage in the state of Florida is $7.21 as of January 1, 2009.

Historically, Florida's economy was based upon cattle farming and agriculture (especially sugarcane, citrus, tomatoes,
and strawberries). In the early 1900, land speculators discovered Florida, and businessmen such as Henry Plant and
Henry Flagler developed railroad systems, which led people to move in, drawn by the weather and local economies. From
then on, tourism boomed, fueling a cycle of development that overwhelmed a great deal of farmland.


What major Sports teams are located in Florida for First Time Home Buyers?

Most Major League Baseball's spring training, and nearly 2/3 of all MLB teams have a spring training presence in the state.
Yet Florida did not have a permanent major-league-level professional sports team until the American Football League
added the Miami Dolphins in 1966. The state now has three NFL teams, two MLB teams, two NBA teams, and two NHL
teams. Two of the Arena Football League's teams are in Florida.

Golf, tennis, and auto racing are popular. Minor league baseball, football, basketball, ice hockey, soccer and indoor football
teams are based in Florida. Florida's universities have a number of collegiate sport teams.

The Florida Sports teams include:

Miami Dolphins, Miami Heat, Florida Marlins, Miami FC, Tampa Bay Buccaneers, Tampa Bay Rays,
Tampa Bay Lightning, Tamba Bay Storm, Orlando Magic, Orlando Predators, and Jacksonville Jaguars.


Are there any Environmental Issues that a First Time Home Buyer should know about?


Florida ranks forty-fifth in total energy consumption per capita, despite the heavy reliance on air conditioners and pool
pumps. This includes coal, natural gas, petroleum, and retail electricity sales. It is estimated that approximately 4% of
energy in the state is generated through renewable resources. Florida's energy production is 6 percent of the nation's total
energy output, while total production of pollutants is lower, with figures of 5.6 percent for nitrogen oxide, 5.1 percent for
carbon dioxide, and 3.5 percent for sulfur dioxide.

It is believed that significant energy resources are located off of Florida's western coast in the Gulf of Mexico, but that region
has been closed to exploration since 1981. Governor Charlie Crist and both of Florida's U.S. Senators, Bill Nelson and Mel
Martinez, oppose offshore drilling and exploration. Former Governor Jeb Bush, who was originally opposed to all drilling,
changed his position in 2005 when he supported a bill introduced into the House of Representatives which allowed
unrestricted drilling 125 miles (201 km) or more from the coast.[43] Crist, Martinez and Nelson opposed that bill, but
Martinez and Nelson voted for a Senate alternative which prohibited drilling within 125 miles (201 km) of the Panhandle
coast, and 235 miles (378 km) of the peninsular coast.

In July 2007, Florida Governor Charlie Crist announced plans to sign executive orders that would impose strict new air-
pollution standards in the state, with aims to reduce greenhouse gas emissions by 80 percent of 1990 levels by 2050.
Crist's orders would set new emissions targets for power companies, automobiles and trucks, and toughen conservation
goals for state agencies and require state-owned vehicles to use alternative fuels.

Red tide has also been an issue on the Southwest coast of Florida. While there has been a great deal of conjecture over
the cause of the toxic algae bloom, there is no evidence that it is being caused by pollution or that there has been an
increase in the duration or frequency of red tides.