Clay Lee
Broker/Realtor®
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Home Buyer Tax Credit Deadline Approaching!
April 28th, 2010 Categories: The Realtor's Life
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 
Century 21 Beal, Inc.
(979) 255-1839
Timeless Service, Quality, and Experience Guaranteed
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