$8,000 Tax Credit for First Time Homebuyers and $6,500 Tax Credit for Existing Homeowners Housing Stimulus BillEXTENDED UNTIL APRIL 30, 2009
Whether you are just looking for your first home or already have a specific house in mind, BUT afraid to do anything because of our current economy, the First Time Homebuyer Tax Credit Stimulus Bill that was enacted in 2009 might help you finally purchase your first home. Below are some requirements to qualify for the $8,000 Tax Credit for First Time Homebuyers: -"First-time home buyer" is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase -The tax credit does not have to be repaid - The credit is available for all contracts entered by April 30, 2010, and closed before June 30, 2010 -Single taxpayers with income up to $125,000 and married couples with incomes up to $250,000 qualify for the full tax credit. Requirements for the $6,500 credit for repeat homebuyers:
-Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit. -Homebuyers who have been in their current residence for a consecutive five-year period in the past 8 years. -Single taxpayers with income up to $125,000 and married couples with incomes up to $250,000 qualify for the full tax credit.
This major financial incentive will give buyers the confidence to finally make that decision BUT hurry, all contracts must be entered by April 30, 2010 and must be closed by June 30, 2010.
For more information about the Stimulus Bill, please visit the Federal Housing Credit website.
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