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Take Advantage of the Homebuyer Tax Credit Extension before April 30, 2010!

 

TYPES OF HOMES THAT QUALIFY

All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

 

WHO IS ELIGIBLE

First-time homebuyers, who have not owned a principal residence in the last three years may be eligible for up to an $8,000 tax credit.  Existing homeowners who have resided in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), 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.

 

TAX CREDIT IS REFUNDABLE

A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

 

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