A Newbies Guide to…

First TIme Home Buyer Programs…
Hello, I’m Jeff. Everyone knows that we are living in very tough economic times.
That’s why we’ve created this special page within the site to advise you on the best ways to capitalize on these once-in-a-lifetime opportunity!
Frequently Asked Questions?About the First-Time Home Buyer Tax Credit
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit

The Worker, Home ownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.??The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.??The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
Frequently Asked Questions?About the First-Time Home Buyer Tax Credit

The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).??The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Tax Credit at a Glance
•    The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•    The tax credit does not have to be repaid.
•    The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•    The tax credit applies only to homes priced at $800,000 or less.
•    The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•    For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•    For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit

•    To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
•    The tax credit does not have to be repaid.
•    The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
•    The tax credit applies only to homes priced at $800,000 or less.
•    The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
•    Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.