That’s right. Buy your first home before April 30, 2010, and you may be eligible for a tax credit of up to $8,000. Think how handy that extra money will be as you settle into your first home. The pricing and availability of homes has never been better, and now with the government’s tax credit for first-time homebuyers, there’s no reason to delay. In today’s buyer’s market you can easily combine a 3.5% seller’s concession with the 10% tax credit making it a 13.5% discount. That’s $13,500.00 on a $100,000.00 property. A seller’s concession is the percentage amount a seller is allowed to contribute to the buyer of their property. This can be used as towards closing cost and or down payment
Tax Credit Details • First-time homebuyers only. (Buyers who have not purchase a home in three years.)
• Does not need to be repaid. (Must be primary home and lived in for three years)
• Equal to 10% of the home’s purchase price up to a maximum of $8,000.
• Available for homes purchased on or after January 1, 2009 and before April 30, 2010.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The tax credit applies only to homes priced at $800,000 or less.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Apply today.
The $6,500 Upgrade / Repeat Home Buyer Tax Credit A $6,000 tax credit is also available to existing home owners. If you have been living in your home for the past five years and have owned your home for eight years, you qualify for the tax credit. You can upgrade to a new home or purchase a 2nd home, Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit. The replacement home must become your main residence. There is no requirement in the legislation that you sell your current home. The $6,500 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boats that function as your principal residence. Apply today.
Tax Credit Details • Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years to be eligible to claim the tax credit,
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Why wait click here to apply today.
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