Learn about The "New Tax Credit Program"

 

$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.

Please note that all Brokers must be licensed to help you participate in this and any other real estate program. We are licensed in Massachusetts & Connecticut and authorized to help all Buyers participate in this program. This office has also executed a unilateral compensation agreement with all MLS participant offices therefore you will not be charged any fees or cost for our

services.

 

Additional details regarding “The American Recovery and Reinvestment Act” (Economic Stimulus Plan) are available on our web site www.Duncanre.Net or you may call my direct line (413) 478-8562 with any questions.

 

As part of this home buyer program we have several local mortgage lenders that have funds available immediately. These are Government insured Federal Housing Administration (FHA) mortgage loans with as little as 3% down. Most of these programs allow you to finance some or all of your closing cost. YOU MUST QUALIFY under FHA guidelines for this

program. There are no guarantees on how long these programs will be available so we must act on a first come first serve basis.

 

If you have any questions or want to participate in this program please call:

 

Michael Duncan      Duncan Real Estate

(413) 478-8562         392 College Highway

Southwick, MA 01077   

(413) 569-1871