First Time HOME Buyer
 

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We walk you thru the steps of First time home buyer programs, As first time buyers, you win at getting first time home buyers info. So that all as well as Free Prequal to make sure First time home buyer.

First-time Home Buyer Tax Credit at a Glance
  • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • 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.

  • The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
  • 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 is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

    Single taxpayers with incomes up to and married couples with incomes up to qualify for the full tax credit.
  • 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.

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 First-Time Home Buyer Tax Credit:

OLD RULES

6 Things to Know

 

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