tax credit
Congress has passed new legislation which extends the first-time home buyer tax credit, and includes a credit for qualified repeat home buyers as well! If you’ve been waiting on the sidelines, we cannot stress enough the value of this tax credit. Now is the time to act. Let us help you find your place.
Highlights of the Home Buyer Tax Credit
- Home must be under contract by April 30, 2010 and close by June 30, 2010.
- First-time home buyers are defined as those who have not owned a principal residence in the last three years.
- Repeat home buyers are defined as those that have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit DOES NOT have to be repaid.
- First-time home buyers qualify for a tax credit of $8000 and repeat home buyers qualify for a tax credit of $6500.
- To qualify for the full tax credit for first-time home buyers, you must meet the following income requirements: single taxpayers with incomes no greater than $75,000 and married couples with incomes no greater than $150,000.
- To qualify for the full tax credit for repeat home buyers, you must meet the following income requirements: single taxpayers with incomes no greather than $125,000 and married couples with incomes no greather than $225,000.
You can learn more about the tax credit here or by contacting one of our preferred Home Mortgage Consultants at CityLife Lending.