Homebuyer Tax Credit Expires April 30, 2010
The homebuyer tax credits will expire soon. If you want to take advantage of these tax credits, you must act now. The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between now and April 30, 2010. Buyers have until June 30 to close on their new home.
In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.
There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are $125,000 per year for individuals and $225,000 for married couples. The first-time homebuyer credit is available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.
Now it is April and we have 28 days left. Call me to discuss your plans of a home, at 303-888-2488.