Home Buyer Tax Credit Has Been Extended
The tax credit has been extended to April 30, 2010.
$8000 TAX CREDIT – For a limited time only, qualified first time home buyers can receive a tax credit
$6500 TAX CREDIT (NEW) - If you already own of home or have owned a home you may qualify.
LOW INTEREST RATES – Rates remain historically low
GREAT SELECTION – With so many homes on the market, you can get the features you want at an affordable price
WHO IS ELIGIBLE?
- The $8000 tax credit is available for first time home buyers only.
- The law defines a first time home buyer as a buyer who has not owned a home in the last 3 years.
- Current homeowners must have used the home as a primary residence consecutively for 5 of the previous 8 years.
EFFECTIVE DATES:
- The purchase of the home must be on or after November 7, 2009. If a purchaser has a written binding contract to purchase in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
TYPES OF HOMES THAT QUALIFY:
- All homes, whether single-family, condominiums or newly constructed.
- The home must be used as a principal residence.
Certain income limits and provisions apply. For more details on the tax credit go to:
www.irs.gov or consult your tax advisor.
It’s a great time to buy!