We
Know About the Tax Credit!
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Search for Your New Home button above to get started looking for
and buying a home!)
Here
are the details about the Tax Credit from Mike and Kelly at Max
Value Real Estate LLC.
When you decide to buy, please use us, we
know what to do!
Who can
take advantage of the tax credit?
First-time home buyers who purchase homes between November 7, 2009
and April 30, 2010.
And
Current home owners purchasing a home between November 7, 2009 and
April 30, 2010, who have used the home being sold or vacated as
a principal residence for five consecutive years within the last
eight.
To qualify
as a “first-time home buyer” the purchaser or his/her
spouse may not have owned a residence during the three years prior
to the purchase.
Which
Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences,
including: single-family homes, condos, townhomes, and co-ops.
How
Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How
is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional
factors:
1. The price of the home.
2. The buyer's income.
Price
Under the
Extended Home Buyer Tax Credit, credit may only be awarded on homes
purchased for $800,000 or less.
Buyer
Income
Under the
Extended Home Buyer Tax Credit, which is effective on November 7,
2009, single buyers with incomes up to $125,000 and married couples
with incomes up to $225,000—may receive the maximum tax credit.
If
the Buyer(s)’ Income Exceeds These Limits, Can He/She Still
Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000
for single buyers and between $225,000 and $245,000 for home buyers
filing jointly. The amount of the tax credit decreases as his/her
income approaches the maximum limit. Home buyers earning more than
the maximum qualifying income—over $145,000 for singles and
over $245,000 for couples are not eligible for the credit.
Can
a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding
contract to purchase is in effect on April 30, 2010, the purchaser
will have until July 1, 2010 to close.
Will
the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies
the home for three years or more. However, if the property is sold
during this three-year period, the full amount credit will be recouped
on the sale.
Call or
Email Mike and Kelly to get started on your home buying Journey.
We know what to do!
Email:
Mike&Kelly@ClickHere4Homes.com
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