Did you know that it is a great time to buy a home? Low interest rates and the federal tax credits* for certain first-time home buyers and move-up buyers combine to make home buying an exceptional value right now. But, time is running out, because the credits, which can be worth up to $8,000, are only available on sales contracts signed by April 30, for purchases that will close by June 30, 2010.
First-Time Home Buyer Tax Credit
First-time home buyers are eligible for a credit of as much as 10% of the purchase price, up to a maximum of $8,000. First time buyers are people, including both partners of a married couple, who have not owned a principal residence during the three years prior to purchase.
Long-Time Home Buyer Tax Credit
Taxpayers who have owned a principal home for a period of five consecutive years during the past eight can qualify for a tax credit of as much as 10% of the purchase price, up to a maximum of $6,500, on a new principal residence.The new home does not have to cost more than the current dwelling.
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