2010 Tax Credit Countdown, The Details!

Are you under contract yet?

First time home buyer credit is $8,000! A first time homebuyer is defined as someone who has not had an interest in a principal residence for 3 years prior to purchase. A current homeowner may still qualify for a $6500 credit! That’s awesome! A current homeowner must have used the home sold as a principal residence consecutively for 5 of the previous 8 years. You must be under contract ( a binding agreement ) by April 30, 2010! That’s why I provided this handy dandy countdown ticker! The closing must happen by July 1, 2010! Ok… so… the income limits are $125,000 for a single person and $225,000 for a married couple. The limitation on the cost of the purchased home is $800,000. It cannot be purchased by a dependent. Oh, and the anti fraud rule says the purchaser must attach the documentation of purchase to the tax return. So, what are you waiting for?

Call us…. let’s start your home search 678.287.4802!