UP TO $8000.00 FOR FIRST TIME BUYERS.

UP TO $6500.00 MOVE-UP OR REPEAT BUYERS.

This may be the best year for a First Time Home buyer to purchase a home. Interest rates are extremely low making monthly payments more affordable, and the Federal government wants to help you buy a home this year.

Here is what you need to know.

Congress has passed an extension to the 2009 First-Time Home buyer Credit, effective November 7,2009, expanding the eligibility requirements to include more prospective home buyers.
To take advantage of the revised tax credit, customers must sign a purchase agreement by April 30,2O1O and close by June 30,2010 Program highlights include:

• First-time home buyers may receive a tax credit of up to $8,000
• Repeat buyers may be eligible for a tax credit of up to $6,500, provided they have owned and lived in their home consecutively for at least five of the previous eight years
• Annual income limits-are expanded to $125,000 for individuals and $225,000 for couples filing jointly; individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 may qualify for partial credit.
• Eligible properties-homes used as a principal residence, including condos, co-ops and town homes
• New-anti-fraud limitations are included

PLUS, the repayment requirement of earlier legislation is no longer in effect! You had to pay back the money before, now it is yours to keep!

Not everyone will qualify. We suggest you visit makinghomeaffordable.gov to see the details about this great program.

A First Time Home buyer is one who has not owned a home as your primary residence,for at least 3 years (vacation or rental property not occupied as your primary residence does not disqualify you). A parent who owns a home may still help you purchase a home with you and you still keep the credit. You must also qualify for a mortgage and remain in the home for at least 3 years after you purchase it.

The National Association of Home Builders has offer some useful information related to the Tax Credit.