First-Time Buyers get $8,000 Tax Credit for Purchasing their Home!
Don’t Miss Out on the Tax Credit
If you have even thought about buying a home, now may be the time. With the time left to have an accepted offer dwindling, here are the important facts about the tax credit and how they apply to you. Start Searching Real Estate Homes For Sale now, or contact a Mortgage Professional to get pre-qualified for the purchase.
FAQ’s:
Q: How long do I have to buy a home?
A: You must have a binding sales contract by April 30th, 2010 and take ownership of the home before June 30th, 2010 to receive the credit.
Q: Are there income limits?
A: Yes, for single purchasers, the limit is $125,000 and married couples it is $225,000 for the full credit
Q: Is it for First-Time Buyers?
A: Yes, First-Time Buyers can receive up to $8,000 credit. The IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
Q: I heard if you owned a home before and now don’t own one you can’t receive the credit. Is that true?
A: No. If it has been more than 3 years since you owned a home, you would qualify as a First-Time buyer.
Q: Can current homeowners get the credit?
A: Current homeowners who have owned and lived in their previous home for five consecutive years out of the last eight years are eligible for a credit up to $6500.
Q: Is there a maximum value of home eligible?
A: Yes, only homes priced under $800,000 are eligible for the credit.
Q: Can I use the purchased home as a rental?
A: No, it must be used as a primary residence.
Q: Does the credit have to be repaid later?
A: No, 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.
