$8,000 First-Time Homebuyer
Income Tax Credit

Highlights 

·         First time homebuyers who purchase a principal residence between 4-9-08 and 11-30-09 qualify for the tax credit.  (It’s retroactive for buyers who have already closed)

·         The maximum credit is $8,000 OR 10% of the purchase price if lower than a $80,000 sales price.

·         If home is purchased in 2009, homebuyer can elect to amend 2008 tax returns and claim a tax credit.

·         Tax credit unlike the 2008 version does not have to be repaid

Who Doesn’t Qualify!

The following are not eligible for the tax credit: 

·     If property is disposed of before end of tax year

·     If property ceases to be principal residence before end of tax year

·     *If modified Adjusted Gross income exceeds 75,000 (individual) or $150,000 (joint)

·     Credit phases out for individual Adjusted Gross Income of $75,000 – $95,000, and between

$150,000 – $170,000 for joint filers (Special rules apply for Washington D.C.)

If you are looking for straight forward, up front, honest answers call me.

 As an 18 year residential mortgage and commercial finance industry veteran, I have had the unique experience to see many sides of this business.  I have the inside track on what underwriters are trained to look for and how they think. If you want your transaction done call now for the answers you need.