First time home buyers tax credit

First Time Home Buyer Tax Credit Information:

What is the deadline?
Buyers must have a binding written contract by April 30th and the closing must happen by July 1st.

How much is the credit?
The maximum credit is $8000 for first time buyers. The maximum for repeat buyers , "long-time residents" is $6500.

What types of properties qualify?
Primary residences qualify, including single-family homes, condos, town-homes, and co-ops.

How do buyers actually get the credit?
The credit can be applied to your 2009 tax return, an amended 2009 return filed later or your 2010 tax return.

Who can qualify for the tax credit?
To qualify for the "first-time home buyer" credit you must not have owned a home during the 3 years prior to the purchase. To qualify for the "repeat buyer" credit you must have used the home being vacated or sold as your principal residence for 5 consecutive years, out of the last 8.

What are the income limits?
The full credit will be available to those who's modified adjusted gross income is $125000 or less, or $250000 or less for joint filers. A reduced credit is available for those with incomes between $125000-$145000 or $225000-$245000 for joint filers. If you make more than that, you are not eligible.

I hope this helps. If you have any questions or need further explanation please feel free to call or email me.

Phillip Baird
Austin Real Estate Shop
phillipdbaird@gmail.com
512-289-5738

A lender's perspective

As a lender, we have programs that allow as little as 3% down payment so you can get into your home with very little money down. We also have programs that allow us to work with less than perfect credit and the interest rates are still extremely low. With the combination of the 6k tax credit for current home owners, 8k credit for first time home buyers, little money down and outstanding interest rates, this is the absolute best time to purchase a home. Please let me know if you are interested or have any other questions. Thanks!

Lane Mullins
Nations Reliable Lending
Lmullins@nrl-llc.com
(512)260-2034

Common Questions From First Time Home Buyers....

Check out the website listed below from the Department of Housing and Urban Development. It answers some very basic questions and gives you a general idea of how it all works. Of course, your real estate agent should be happy to answer all your questions and to explain anything you don't understand.


http://www.hud.gov/buying/comq.cfm

Good News! Tax credit extended to May 1st.

The Senate voted today to extend the first time home buyers tax credit until May 1st. It also added a tax credit for repeat buyers, although there is a catch. Go to the URL below for more details. The House is expected to pass the bill tomorrow and President Obama is expected to sign it immediately.

http://www.realtor.org/RMODaily.nsf/pages/News2009110501?OpenDocument


Please email or call me for more information about buying a home.

Phillip Baird
Realtor
phillipdbaird@gmail.com
512-289-5738