We have been answering a lot of questions involving the tax credit that a buyer can receive for purchasing a home in 2010. How long does it last? How much is it? How do I qualify? What if I am not a first time homebuyer? These are just a few of the questions being asked. The following article will tell you all you need to know and if there is something you still feel unclear about after reading this please don't hesitate to contact us.
The tax credit goes until 4/30/2010, this means you have to have a signed purchase contract by 4/30/2010, you DO NOT have to close by this date. There has been some confusion in regards to when you have to close by. You have to close by 6/30/2010 in order to receive the tax credit. There is still plenty of time to find a house and execute a contract by 4/30/2010. There has been speculation that the date will be extended but as of right now that is not the case, the date is 4/30/2010.
First time homebuyers will receive an $8000 credit. If you are renting and have never owned a home NOW is the time to buy. The minimum credit score you need to qualify for a loan is 620. If you are not a first time homebuyer then I will explain how you can qualify for the $6500 tax credit. You have to have owned your primary residence for 5 yrs to qualify for the $6500 tax credit. If you have lived in your primary residence for 5 yrs and you purchase a home that is going to be your new primary residence you will receive the $6500. You DO NOT have to sell your previous residence to receive the tax credit. You will not receive the tax credit if you buy the new property as a rental property. If your household income exceeds $200,000 you do not qualify for the tax credit. Please call or email with any questions that are unique to you because I realize that everyone.s situation is not the same but at the least the above information should help you figure out which category you fit into.