Tax Credit
Tax Credit EXTENDED!!
Here are some basics about the tax credit that you need to know that is available for first time home buyers and repeat home buyers:
1. Tax credit is up to $8000 for first time home buyers or anyone that has not owned a home in the last three years. Tax credit is $6500 for repeat buyers who have owned a principal residence for five consecutive years out of the last eight.
2. Income qualifications are $125,000 for a single person and $225,000 for married filing jointly.
3. You have until April 30th to put a house under contract and until June 30th to close. A HUD-One closing statement is what the government requires to process the tax credit.
4. Purchase price cannot exceed $800,000.
5. You cannot buy from someone that you are related to.
6. You have to use the home as your primary residence for at least 3 years or you could responsible for paying part of the credit back to the government.
As always, with tax questions or complicated issues we recommend that you speak to a CPA, our recommendation for a great CPA is Mike Henry who has handled my personal taxes and questions for almost ten years.
Don't miss out on this golden opportunity to own a home, the rates are extremely low and there is a great selection of well priced homes to choose from. For current loan rates and more information we recommend calling Curt Currey with Titan Funding Group, 541-341-1400.
