HOME BUYER TAX CREDITS
 
In addition to affordable housing prices and low interest rates, the government is granting Tax Credits to home buyers making this a perfect market to purchase your new home. Please see below for the latest programs:

 

1)         First Time Home Buyer Tax Credit

 
a)         Tax Credit up to $8,000.00 to qualified first-time home buyers purchasing a principal residence. The tax credit is equal to 10% of the homes purchase price up to the maximum amount of $8,000.00
 
b)         Applies to sales occurring between January 1, 2009 and April 30, 2010.
 
c)         If a binding sales contract is signed before April 30, 2010, then a closing occurring before June 30, 2010 will apply.
 
d)         In order to qualify as a first-time homebuyer, a buyer cannot own a principal residence during the three year period prior to purchase (Applies to husband and wife if married).
 
e)         In order to qualify for the full credit, the buyer must also have an income of less than $125,000 for single taxpayers and $225,000 for married persons for sales occurring after November 6, 2009. A partial credit is available for taxpayers with an income of $145,000 for single taxpayers and $245,000.00 for married taxpayers.   

2)         Tax Credit to Existing Homeowners

 
a)         Tax Credit up to $6,500.00 to qualified existing homeowners purchasing a principal residence. The tax credit is equal to 10% of the homes purchase prince up to the maximum amount of $6,500.00. Homes purchased in excess of $800,000.00 are not qualified for the credit.
 
b)         Applies to sales occurring between November 6, 2009 and April 30, 2009.
 
c)         If a binding sales contract is signed before April 30, 2010, then a closing occurring before June 30, 2010 will apply.
 
d)         In order to qualify for the credit, buyers must have resided in their current principal residence for five of the last eight years prior to the purchase date.
 
e)         In order to qualify for the full credit, the buyer must also have an income of less than $125,000 for single taxpayers and $225,000 for married persons. A partial credit is available for taxpayers with an income of $145,000 for single taxpayers and $245,000.00 for married taxpayers. 
 
 
Please visit www.federalhousingtaxcredit.com for more information

                                     

East Coast Realty | 35 Fulford Avenue, Suite 203 | Bel Air, MD 21014
410.420.8910 | 
steve@ecoastrealty.com

About Us  |  Buying  |  Selling   |  Contact Us  |  Disclosures  |  ECR Blog  |  Career Opportunities
 

Privacy Policy  |  Site Map  |  Profile  |  Sign In

Choose language: