The 1st time homebuyer tax credit has not only been extended into 2010 but it has also been expanded to include current home owners as well. Below is a summary of this great home buyer program. 1ST TIME BUYERS: (does not mean you can never have owned a home - if you have not owned a home in the past 3 years you are again a first time home buyer) * have not owned a home in past 3 years * must be 18 years of age or older * income under $125,000 for individual $225,000 for couples * purchase price must be under $800,000 * credit of 10% of purchase price up to $8000 * must have accepted offer on home by April 30,2010 and closed by June 30, 2010 * must be your primary residence Current Homeowners: * all above criteria applies + * must have lived in your current home as your primary residence 5 of the past 8 years ( you do not have to sell your current home to buy under the tax credit however the one you buy must become your primary residence) * no "move up" requirement - you can downsize * military personal are exempt from these requirements * your credit is 10% of purchase price up to $6500 There has never been a better time to buy.....property values lower than we have seen in years and years, interest rates are outstanding and up to $8000 Tax Credit. |