There is still time to take advantage of the $8,000 or $6,500 tax credit offered by the Federal government…but you must move fast!
The tax credits are available to homebuyers who sign purchase agreements on a new or existing primary residence before April 30, 2010 (this Friday). Buyers have until June 30 to close on their new home.
This program is not just for first-time homebuyers!! In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.
There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are $125,000 per year for individuals and $225,000 for married couples. The first-time homebuyer credit is available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.
If you have a property in mind, or if you would like to make a decision this week we can help you get everything in order for Friday. Please call us today for information on properties or to set up a showing!