Tax Credit Helps First Time Homebuyer and Certain Existing Home Owners. Now’s The Time to Take Action!

First time homebuyers will qualify for a tax credit of up to $8,000. A first time homebuyer is someone who has not previously owned a primary residence and also someone who has not owned a primary residence in the previous 36 months.

Certain existing homeowners are also eligible to receive a tax credit of up to $6,500. Existing home owners must have owned and occupied a primary residence for at least five consecutive years during the last eight years.

The deadlines to qualify for these credits are that purchase contracts need to be in effect no later than April 30, 2010 and a closing must occur no later than June 30, 2010

There are income limits for eligible buyers to qualify. Single tax filers can earn up to $125,000 annually to be eligible to receive the total credit amount. Single filers that are above $125,000 but do not exceed $145,000 can receive a partial credit.

Joint filers who earn up to $225,000 are eligible for the total credit and above $225,000 but not exceeding $245,000 can receive a partial credit.

The maximum purchase price is $800,000. Other restrictions may also apply depending upon your circumstances.

There has never been a better time to take advantage of historic low interest rates and this fantastic tax credit opportunity. In addition this winter sellers are willing to work with potential buyers to negotiate a favorable transaction. Contact any Landmark Agent for details. We offer a FREE home buyer consultation that will help you understand all the steps necessary to find the best home and obtain the best financing for your needs. We will help you take advantage of this Federal Tax Credit as well as any local financing credits or savings that may be available. Call us today!