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The Worker, Homeownership and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principle residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Are you eligible? Check the full requirements at www.federalhousingtaxcredit.com
or your tax advisor and then give us a call.
With several loan programs to choose from, including FHA loans with down payments as
low as 3.5%, we can make your first home - or your next home - possible.
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$8,000 First-Time Home Buyer Tax Credit
- The $8,000 tax credit is for first-time home buyers only. The IRS defines a first-time home buyer as someone who has not owned a principle residence during the 3 year period prior to the purchase.
- The tax credit does not have to be repaid unless the home ceases to become the primary residence within three years.
- The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
* This information is general in nature and should not be construed as tax or financial advice. Consult your tax advisor or financial planner for more complete information.
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$6,500 Move-Up/Repeat Home Buyer Tax Credit
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home ceases to become the primary residence within three years.
- The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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