First Time Homebuyer Tax Credit News

Great news on the First Time Homebuyer Tax Credit plan

The First Time Homebuyer Tax Credit gets you 10% of the value of the home up to$8,000! If you do not owe $8,000 in taxes, you receive the balance in cash via a check mailed directly to you.

You may qualify for the first time homebuyer tax credit program if you meet the following criteria:

  • 1. Have not owned a home as your primary residence for the past three years.
  • 2. Your income doesn not exceed $125,000 for individuals of $445 for married filing jointly
  • 3. You must have a signed contract on a property by April 30, 2010 (you get an additional 60 days to close)
  • 4. The home you are purchasing is going to be your primary residence
  • 5. You are 18 years or older and are not a dependent of the seller
  • 6. The home may not sell for more than $800,000 to qualify and if you resell the home within three years, there may be a credit repayment penalty¬†

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