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The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after December 1, 2009 and before April 30, 2010.
The opportunity of a lifetime is at hand – right now.
Plenty of homes are available at affordable prices.
Interest rates remain historically low.
And to sweeten the pot, there’s the tax credit –
up to $8,000 for qualified first-time buyers whose income is within IRS
established limits and up to $6,500 for some existing homeowners. This is money
that never has to be repaid, provided you live in the home for three years.
There May NEVER
Be a Better Time
To Buy a Home!
Tax Credit Basics
- You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
- You must sign a purchase contract no later than April 30, 2010 and close by July 1, 2010.
- Existing homeowners are eligible for up to $6,500 if they have lived in their residence for five of the last eight years.
- There is no minimum income for claiming the credit. If you don’t owe any taxes, you can receive it in cash.
- You can claim the credit when you file your 2009 or 2010 tax return – or, if you’d rather not wait, file an amended 2008 or 2009 return and receive the money upon purchasing your home. There are also program that will advance to money to help on your down payment.
- If you co-sign a mortgage to help your non-dependent child buy his or her first home, your eligibility does not affect your child’s ability to qualify for the credit.
We can’t provide every detail of the program here – and we aren’t qualified to give you tax advice – but we can help you makes sense of the regulations.
Don’t wait. Give RE/MAX Professionals a call and we can help you decide whether now is the time for you to buy. And if the time is right, we’d be honored to represent you as you seek out your dream home.
For more information, please visit federalhousingtaxcredit.com
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