News/Events
Homebuyer's Tax Credit
11/23/2009
There's a tax credit up to $8,000 for qualified first-time buyers whose income levels qualify and up to $6,500 for returning buyers that have lived in their current home 5 or the last 8 years. This is money that never has to be repaid, provided you live in the home for three years.
Tax Credit Basics:
*You are considered a first time buyer if neither you, nor your spouse has owned a principal residence in the U.S. within the last three years.
* You must sign a purchase agreement by April 30, 2010 and close before July 1st, expect for service members, who have an extra year.
*There are income limits for both credits, of $125,000 for singles and $225,000 for married couples.
We cannot provide every detail of the program here and we are not qualified to give you tax advice-but we can help you make sense of the regualtions and how you might fit into the credits.
