Tax Credit Information Updated 3/29/10

$8,000 First-Time Buyer Tax Credit

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The Tax Credit is for First-Time buyers only - cannot have owned a home in last 3 years.
The Tax Credit does NOT have to be repaid!
The Tax credit is equal to 10% of the homes purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after November 6th,2009 and before May 1st, 2010. Home purchases with a binding sales contract signed by April 30th, will qualify if closed by July 1st 2010.
Single taxpayers with incomes up to $125,000 qualify.
Married couples with incomes up to $225,000 qualify.
Married couples with income between $225,000 and $245,000 can receive a partial Tax Credit.

$6,500 Tax Credit for Existing Homeowners.

Existing homeowners who have been residing in their principal residence for 5 consecutive years out of the last 8 and are purchasing a home to be their principal residence may be eligible for up to a $6,500 tax credit.
All U.S. Citizens who file taxes are eligible to participate in the program.

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