Time Running Out for Homebuyers to Get Tax Credits
If you’ve never owned a home, and you buy before the end of April you get 8000 dollars in tax credit. But what about you, the homeowner that’s been in a home for more than five years…you would like to move up…but where is “your” incentive. How about
$6,500 dollars….right now thru April, if you’ve been in your home for at least five years and want to make the move…you can with a
$6,500 tax credit…but this all ends in April.
So if your kids are looking, remind them that 8000 dollars in tax credit can be theirs… and 6500 dollars can be yours…isn’t it time to really take a look at buying a home.
Read below for more information on this incredible opportunity. Click a link
below or just pick up the phone and call a realtor today.
2010
Housing Campaign
$8,000 First-time Home Buyer Tax Credit at a Glance • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone 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 unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Equity Now mortgage at a glance
• $8,000 tax credit available at closing in the form of a second mortgage. No waiting on the IRS
• Available through Utah Housing Corporation, an independent public corporation that provides affordable housing opportunities to low and moderate income buyers and renters
• If tax credit is applied to the mortgage when received from IRS, buyers get instant equity
• Purchase agreements must be finalized by April 30, 2010
• Competitive interest rates change weekly
• Check interest rates and mortgage lenders who provide Equity Now loans at www.UtahHousingCorp.org
• Tax credit doesn’t have to be repaid if maintained as principal residence for 3 years
• Program is available to first-time home buyers (cannot have owned a home in the last 3 years) for a maximum of $8,000 or 10% of the purchase price
