First Time Home Buyer Tax Credit

The First Time Home Buyer Credit has been extended and many of our buyers have had questions about how it works and who all it applies to. I found a useful web site with some frequent questions/answers about the credit. Check out the site's link below...

~Tiffany

Frequently Asked QuestionsAbout the First-Time Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. 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 sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Web site: http://www.federalhousingtaxcredit.com/faq1.php