Tax Credit Info

Now that we are inside 90 days until the Tax Credit expires, here is a little refresher on how it works.


Buyers who qualify for the tax credits have until April 30, 2010 to have a binding contract signed and close no later than July 1, 2010. Just some of the facts you might need to know are listed below.

Qualifications:



• First-time home buyer - A buyer who has not owned a principal residence three years prior to the purchase may qualify for the $8000 tax credit.

• Existing home owner's - A seller who has lived in their home for five consecutive years out of the last eight may qualify for the $6500 credit when they purchase a different home they will occupy.



Income Levels:


• If a single home buyer's income is $125,000 or less and married couples joint income is $225,000 they may qualify for the $8000 credit.

• Single home buyer's income is $125,000 to $145,000 and married couples income is $225,000 to $245,000 they may qualify to receive a partial credit.



Homes that Qualify:


• Any home less than $800,000, new or existing, that will be their principal residence. No vacation homes or rental properties qualify for this purchase

As always, please give me a call or email me with any additional questions.