There seems to be a lot of misinformation floating around with real estate agents and home buyers on the 2009 Federal Tax Credit of $8000. Here's some of the most commons questions.

Who Qualifies?

• Single people earning less than $75,000 modified adjusted gross income
• Married people earning less than $150,000 a year combined modified adjusted gross income
• First Time Home buyers or people that have not owned a home in the past 3 years
• Investors do not qualify

 When do I have to purchase by? 

• Homes must be purchased and closed by December 1, 2009.

 What kind of home can I buy? 

• Any kind of home, single family, town home, condo, manufactured homes and multifamily as long as it's owner occupied

Do I have to repay the $8,000?  

• There is no payback required if you stay in the home as your primary residence for 3 years. 

What if I'm buying this home with someone else?

• If you are married you both have to be first time home buyers
• If you are not married, only 1 person has to be a first time home buyer, the first time home buyer can claim it on their taxes.

What if we make more than $150,000?

• If you make more than $150,000 there is a phase out portion for couples that earn up to $170,000 a year. So for example, if you earn $160,000 a year you could qualify for half the credit of $4,000.

 Can I use it for down payment?

• This is not a down payment assistance program. You must still come up with your down payment of at least 3.5%.

What if I don't normally owe $8,000 in taxes?

• If your normal tax liability for the year is for example $5,000, you would still get the $8,000 credit.

How is the credit determined?

• The tax credit is equal to 10% of the purchase price to a maximum of $8,000. So, if you buy an $80,000 home, you'd get $8,000. If you buy a $150,000 home you'd get $8,000. If you buy a $50,000 home you'd get $5,000 which is 10% of the purchase price.

I hope that answers some questions.

If you are thinking of buying or selling a home in or around Atlanta, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty. 404-456-5024.

View more of the Georgia Real Estate Voice.  Search for Atlanta and Decatur Real Estate

Voters who cast their ballots in the November 4, 2008 election can be good citizens in more ways than one.  The First Baptist Church of Decatur on Clairmont is organizing a "Vote for Hope" food drive to encourage citizens to contribute non-perishable food items when they go to the polls in Decatur, GA.

Other participating churches in the Vote for Hope food drive include:

• First Christian Church (Disciples of Christ) of Decatur, on West Ponce de Leon Ave
• Hillside Presbyterian Church
• North Decatur United Methodist Church on Church St.
• Oakhurst Baptist Church on East Lake Drive
• St. Phillip AME on Candler Rd.
• Epworth United Methodist Church on McLendon Ave

In addition to the food drive on election day, participating churches will also collect food items from their congregation during their Sunday services on November 2, 2008.

"Vote for Hope" is an opportunity to channel the power of the ballot box to help people in our own neighborhood.  Donated items will be given to the Decatur Emergency Ministries and the Atlanta Community Food Bank. 

Donors can place items in specially marked bins at the entrance to the polls.  Accepted food drive items include: 

• items high in protein such as canned meats, beef stew, chili
• peanut butter
• canned vegetables & canned fruits,
• pasta & sauces
• cereal
• boxed meals
• soups
• dried peas/beans
• rice
• instant potatoes
• fruit juices
• bottled water
• toiletries
• baby products

No glass containers, perishable items or home canned foods, please.

For further information, please contact the First Baptist Church of Decatur at 404-373-1653.

With election day a couple of weeks away, we have plenty of time to go grocery shopping and pick up a few extra items.  Check out the Buy 1 Get 1 free items, that makes it easy.  Thank you for helping our local families in need.

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If you are looking to buy or sell a home in Decatur or metro Atlanta, GA, please call Jen Bowman, Realtor, Success Realty at 404-456-5024.  Visit on the web at www.JenBowman.com.

The Punchline is not the only place for Comedy in Atlanta. If you haven’t been to a Sketchworks Comedy Show in Decatur, GA yet, now is the time. Be forewarned, this comedy is not for the faint of heart. If you are easily offended, well you will be here. This show is not politically correct and doesn’t discriminate on who they offend. It is all original work and the show changes 4 times a year. Come prepared to laugh, a lot.

Come watch Atlanta's most outrageous actors and writers wreak havoc with all that is sacred. Masterminded in 2001, Sketchworks is an original, cutting-edge sketch comedy troupe featuring some of Atlanta's top working pros.

Sketchworks is part of yourACT, an acting studio with on camera classes for Adults and Children. They offer a variety of on-camera acting classes in Atlanta, as well as special workshops in Voice-Over, Teleprompter, Standup Comedy, Sketch Comedy with Atlanta's premiere Sketch Comedy troupe, Sketchworks, and more… Whether you are a beginner learning the basics, an aspiring actor improving your skills, or a professional working actor looking to stay sharp, yourACT has courses for all levels. For more info on yourACT contact DellaCole and Bob Harter. They can be reached at 404-499-9996.

Opening weekend for Sketchmania starts this Friday October 17.

Show dates are: Fridays &; Saturdays at 8 p.m. October 17 &; 18, October 24 &; 25, October 31 & November 1, November 7 & 8

If you can’t make it Friday, plan to come this Saturday after the Decatur Beer Fest.

There will also be a Sunday Matinee at 5 p.m. on November 2.

Tickets are just $10 Opening Weekend, For all other Shows $15 in advance and $17 at the Door.

Sketchworks is minutes from downtown Atlanta and Decatur!

They are on the Right just past the Kroger Shopping Center on North Decatur Rd going East. It’s in between Dekalb Industrial Way and Ponce de Leon Ave. If you get to Ponce de Leon Ave, you’ve gone too far.

They are located at 3041 N. Decatur Rd, Decatur, GA 30079. Phone: 404-499-8181

I've heard people say "Laughter is the best medicine". Come out and get yours!

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Jen Bowman is a Realtor with Success Realty serving the Real Estate needs of Decatur and Atlanta, GA.  She can be reached at 404-456-5024 or online at www.JenBowman.com

Did you know that there is Down Payment Assistance available for 1^st Time Home Buyers in Dekalb County? Applications are now being accepted for the DeKalb County First-Time Homebuyer Program, funded by the DeKalb County Community Development Department and administered by the Housing Authority of DeKalb County. 

• How to get a mortgage
• Money for down payment
• Planning for homeownership responsibilities
• Evaluating your ability to afford a home
• Types of financing available
• Budgeting and credit
• Understanding your FICO score
• Avoiding foreclosure