THE HOMEBUYER TAX CREDIT AT A GLANCE
- Nothing to Pay Back – This is Direct Stimulus to You! (I even know someone who has received and already spent the check – IT IS REAL)
- The $8,000 credit may be available to First-Time Buyers, and to Buyers who have not owned a primary residence in the past three years.
- The $6,500 credit may be available to Move-Up Buyers who have maintained the same principal residence for any 5-consecutive year period during the 8-year period ending on the date of the settlement.
- Single taxpayers earning up to $125,000 per year and married couples earning up to $225,000 per year may qualify for the full tax credit.
- Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are may be eligible to receive a partial credit.
- Purchase price of home cannot exceed $800,000.
- Credit available on homes under contract on or before April 30, 2010 and settled by June 30, 2010.
Right now we have a unique opportunity and all homebuyers need to capitalize on today’s exceptionally low interest rates and low prices. Perhaps more than ever NOW is a great time to buy! The program ends April 30, 2010 and is not expected to be extended again. For further details and answers to Frequently Asked Questions about the tax credit, please visit the NAHB.
*Federal tax credit up to $8,000 for first-time buyers and $6,500 for move-up buyers available on homes under contract as primary residences by 4/30/2010 and settled by 6/30/2010. $8,000 tax credit is for first-time buyers or those who have not owned a primary residence in 3 years. The $6,500 credit is Available to Move-Up Buyers who have maintained the same principal residence for any 5-consecutive year period during the 8-year period ending on the date of the settlement. Income limitations and other restrictions apply. We suggest you consult a Certified Public Accountant and IRS.gov for tax advice and official requirements. Prices, financing and other offers subject to change without notice.
Did you know StyleCraft Homes also gives additional incentives? Check out www.stylecrafthomes.com to see this month’s savings!