Home Buyer Tax Credit Deadline Approaching!

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Home Buyer Tax Credit Deadline Approaching!

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The deadline for the federal housing tax credit is quickly approaching.  To take advantage of this momentous offer, home buyers must act by this Friday, April 30th.

If you are a first time home buyer and sign a purchase agreement before April 30th, you are eligible for a credit of 10% of the home’s purchase price – up to $8,000.  Repeat buyers may also benefit from this tax credit.  If you already own a home and have lived in it for at least five years, you may qualify for an existing home buyer’s tax credit of up to $6,500.

Some key facts regarding this offer:

  • “First-time” means people who haven’t owned a principal residence for three years before purchase.
  • Must use home as principal residence for the next three years.
  • The existing home buyer’s tax credit is available to repeat home buyers who have owned a home for five consecutive years out of the prior eight.  It applies to houses sold after November 6, 2009 and on or before April 30, 2010.
  • Credit may be applied towards either the 2009 or 2010 tax return.
  • Income limits for sales occurring after November 6, 2009 are $125,000 for individuals and $225,000 for married couples filing jointly .

This  offer combined with 40 year record low mortgage rates makes it an optimal time to become a home owner.

In order to take advantage of this offer, it is important to remember that home buyers must have a binding contract by April 30th with the purchase completed by June 30th.

If you have any questions regarding the purchase of a home or the home buyer tax credit, I’ll be happy to discuss the details.  Please feel free to contact me at (979) 255-1839 or by e-mail at: clay@century21bcs.com

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Clay Lee – Realtor claylee

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

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