Your New Home Tax Credit Time Is Running Out, The Oppertunity To Buy Is Now

$8000 TAX CREDIT for first time home buyers

• The $8000 tax credit is for first-time home buyers only, who has not owned a principal residence during the three years prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000.
• The tax credit applies only to homes priced at $800,000 or less.
• The sales contract must be signed by April 30, 2010 and must close escrow by June 30, 2010 to qualify.

$6500 TAX CREDIT Move-Up/Repeat Home Buyers

• 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 is equal to 10 percent of the home’s purchase price up to a maximum of $6500.
• The tax applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased between November 7, 2009 and April 30, 2010.
• All purchase contracts executed by April 30, 2010 must close escrow by June 30, 2010 to qualify.
• Single taxpayers with incomes up to $125,000 an married couples with incomes up to $225,000 qualify for the full tax credit.