$8,000 in FREE Money for First Time Home Buyers
$6,500 for Existing Home Owners Who Buy
A Glance At How It Works
This $8,000 tax credit works like a refund. It is for homebuyers who have not owned a home in the 3-year period immediately before the purchase, and you must be UNDER contract on or before April 30, 2010 and close before June 30, 2010.
Also if you have been in YOUR CURRENT home for 5 years or more, and buy another PRIMARY RESIDENCE -- a home you will live in -- you can get up to $6,500. Same deadlines, UNDER contract on or before April 30th, close by June 30, 2010.
This tax credit does not have to be repaid, and you can receive an amount equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
There are some income limits: Single up to $75,000 and married couples up to $150,000 to qualify for the full tax credit.
If you have specific questions, please call me at (205) 240-5522, or contact your tax advisor or legal professional.