$8000 Homebuyer Tax Credit

Expires April 30, 2010.  There isn’t much time left to qualify for the governments Homebuyer Tax Credit.  Call us today and we can make sure you find a home you love in time to qualify.

There are a few important things that you need to know in order to qualify:

• First-time homebuyers qualify for an $8000 credit
• Repeat homebuyers who have owned a home for five of the past eight years qualify for a $6500 credit
• The income limit to qualify is $125,000 for individuals and $225,000 for married couples for all sales after November 6, 2009.
• The income limit to qualify for all sales between January 1, 2009 and November 9, 2009 is $75,000 for individuals and $150,000 for married couples.
• The tax credit may be filed for on your 2010 income tax return
• Sales occurring between January 1, 2009 and November 9, 2009 may be claimed on an amended 2009 income tax return.
• The tax credit may be used towards the down payment in some instances when you apply for a bridge loan through your local state housing finance agency.  For details, see the FAQ on Monetizing the Tax Credit

For more information, check out the following resources:

• Homebuyer’s Tax Credit Explained
• Information on the Tax Credit from the IRS