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

What's going on with real estate in Decatur, GA?  Well, the good news is that homes are still selling. Here is an analysis of single family homes in Decatur.  

 July 2008 Sold

Homes Sold 152

REO Properties 30

Average Days on Market 72

Original List Price $238,592

List Price $266,152

Sold Price $215,511

Range $26,100-$725,000                                                                        

August 2008 Sold                         

Homes Sold 164

REO properties 55

Average Days on Market 70

Original List Price $243,255

List Price $191,973

Sold Price $183,212

Range $22,500-$824,500

 September 2008 Sold

Homes Sold 85

REO properties 27

Average Days on Market 81

Original List Price $221,443

List Price $208,048

Sold Price $200,591

Range $22,500-$1,025,000

There are currently 1251 single family homes for sale in Decatur, GA which is in Dekalb County. 280 of them are REO or Real Estate Owned, bank owned foreclosures. There are also 314 homes that are pending sales, meaning they are under contract, but not yet closed. Available homes in Decatur range in price from $19,900 to $1,500,000.  Obviously, there is something for everyone from investment to starter homes to high end luxury homes. Now is a great time to buy.

For expert real estate advice and customized property searches in Decatur, GA please contact Jen Bowman, Success Realty at 404-456-5024. Visit online at 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

This is part of an article found on CNNmoney.com.  Atlanta is a wonderful place to live, 900,000 new residents can't be wrong! For more information on living in Atlanta, go to my website www.JenBowman.com, click on local links for information about schools, weather, local events and of course, real estate listings.

Latest Census stats: See which metro areas had the most growth since 2000.

NEW YORK (CNNMoney.com) -- Atlanta has been the fastest growing metropolitan area in the nation since 2000, with a gain of nearly 900,000 residents to 5.1 million.

Also gaining more than 800,000 residents in the five-year Census Bureau report were Dallas/Ft. Worth and Houston. Phoenix gained nearly 790,000. Seven of the top 10 fastest growers were in the South or West.

America's fastest growing city - Atlanta

Others in the top 10 included the New York and Washington, D.C. metro areas, which both gained nearly 500,000, and Chicago, with more than 400,000.

The fastest growers by percentage were all much smaller cities. They were led by St George, Utah, which has increased its population by 39.8 percent since 2000. Greeley, Colorado was next with 31 percent growth and Cape Coral, Ft. Myers, Florida with 29.6 percent.

People are always asking me "What's going on in the Real Estate market?" Well, in Dekalb County, GA there is quite a bit going on.  Spring is here and the real estate market knows it! 

In the month of March we had 1,446 new residential listings. By residential we are just talking about single family homes.  We had 419 new condos to hit the market.  We have a total of 4,913 Active residential listings and 1,875 active Condo listings as of this minute.  Obviously this number changes rapidly.  

Single Family Homes in Dekalb on the market today range from $61,900 to $2,650,000.  Condos today in Dekalb range from $18,900 to $1.5 million.  Average Days on Market is 94 for houses and 77 for condos. 

What does this mean to the Home Seller? It means your home must shine! For tips on getting your Home Ready to Sell, visit my website www.JenBowman.com .  Click on the Buyer/Sellers Link and go to the Tips on Getting Your Home Ready to Sell link.