Spring is in the air and so is love for the first time home buyer! Interest rates are still low. The weather is warming up and it is a perfect time to be looking for your new home.
Here is the info on the tax credit:
- First time buyers are defined as individuals or couples that have not owned a home in three years or more.
- Existing home owners that have lived in their home for the last 5 of the past 8 years.
- All U. S. citizens who file taxes.
- Individuals or head of household with adjusted gross income of less than $125,000.
- Married couples with combined adjusted gross income of $250,000.
- Partial credit for those individuals with adjust gross income between $125,000 and $145,000 and married between $225,000 and $245,000.
- No credits for individuals over $145,000 and married couples over $245,000.
The effective date started November 6th, 2009, and ends May 1st, 2010. For those buyers in April of 2010 you must close before July 1st.
All single family homes qualify as long as they are the principal residence of the buyer and under $800,000. Vacation homes and renal property do not qualify.
For more information please go to http://www.federalhousingtaxcredit.com
Look for my next blog that will detail Century 21’s $8,000.00 cash giveaway to home sellers for listing with Century 21!