Saturday, January 9, 2010

Second Chance For First Time Home Buyers

Attention First time home buyers...I am sure by now you have heard of the first time home buyer credit. If not here is some basic information.

1. Credit has been extended until April 30, 2010. Buyers must close on the home by July 1, 2010
2. Homes purchased for $800,000 or less qualify
3. Credit is for primary home, including single family homes, condos, townhomes and co-ops
4. Maximum credit is $8,000 for first time home buyers
5. Single buyers with incomes up to $125,000 and $225,000 for married couples may receive maximum credit
6. Credit decreases for single buyers if you earn between $125,000 and $145,000; for homebuyers filing jointly if you earn between $225,000 and $245,000
7. Does not need to be repaid if he/she occupies the home for 3 years or more
For more information, please see First Time Home Buyer Tax Credit

No comments: