Tax Credit Information

First Time Homebuyer Tax Credit:
If you haven't owned a home in the last 3 years, you may be eligible for this tax credit. This credit is for 10% of the purchase price of the home, with a maximum value of $8,000. Single taxpayers and married couples filling a joint tax return may qualify for the full tax credit amount.

Current Homeowner Tax Credit:
If you already own a residence, you are eligible for a tax credit. This incentive is worth up to $6,500 for qualified buyers who have owned and occupied a primary residence for a period of 5 consecutive years during the last 8 years. Single taxpayers and married couples filling a joint return may qualify for the full tax credit amount.

What are the new deadlines?
In order to qualify for the credit, you must sign a contract no later than April 30th, 2010.
You must close by June 30th, 2010. Those in the military do have special extensions on the time lines available.