Fri 5 Mar 2010
Deadline for the Home Buyer Tax Credit Quickly Approaching
Posted by Charlie Chapell under Banking, Mortgages
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Charlie Chapell
Right now is a great time to take advantage of the Home Buyer Tax Credit. There has been plenty of excitement in the area as home buyers are moving back into the market. The tax credit and low interest rates help make a great opportunity for new home buyers.
To take advantage of the tax credit you will need to have a signed purchase contract by April 30th, 2010 and close the sale by June 30th, 2010. There are 2 tax credits available to the purchaser;
- The First Time Home Buyer Credit of up to $8,000 to first time home buyers. To qualify as a “first time home buyer” the purchaser or his/her spouse may not have owned a residence during the last 3 years.
- The second is a credit up to $6,500 for current home owners purchasing a home between November 7, 2009 and April 30th, 2010, who currently owns or has owned a home for 5 consecutive years of the previous 8 years are eligible. There are income limits for eligibility – $125,000 for an individual and $225,000 for joint income.
To learn more visit http://www.federalhousingtaxcredit.com or contact your local United Bank & Trust mortgage professional for further questions, information and eligibility requirements.
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