NEW - ”Move Up” Repeat Home Buyer Tax Credit*
Who is eligible?
A “Move Up” buyer is defined as a home buyer who has owned and resided in a home for at least five out of the past eight years prior to the new purchase date. The new home purchase does not need to be more expensive than the previous home to be eligible.
Home Buyer can earn up to $125,000 for single tax payers or $225,000 for married couples to be eligible for the full credit.
When is the Tax Credit available?
The Housing Tax Credit for “Move Up” Home Buyers is available for homes purchased after November 6, 2009 with a binding sales contract signed by April 30, 2010 (the purchase must be complete by June 30, 2010 to be eligible for the credit).
How is the Tax Credit calculated?
The tax credit is equal to 10% of the homes purchase price up to a maximum of $8000.
What is the maximum home price?
The maximum sales price is $800,000.
$8,000 First Time Home Buyer Credit Extended*
How long has the Tax Credit been extended for?
The Housing Tax Credit has been extended to First Time Home Buyers with a binding sales contract signed by April 30, 2010 (the purchase must be complete by June 30, 2010 to be eligible for the credit).
Who is eligible?
First Time Home Buyers who have not owned a principal residence during that prior three-year period.
Home Buyer can earn up to $125,000 for single tax payers or $225,000 for married couples to be eligible for the full credit.
How is the Tax Credit calculated?
The tax credit is equal to 10% of the homes purchase price up to a maximum of $8000.
What is the maximum home price?
The maximum sales price is $800,000.
For more information please visit the CHEST (Community Housing Economic Stimulus Team) website by clicking HERE
Article Information Proviced by:
Frank Hinkley
Mortgage Consultant
Phone: 425-945-8069
Email: frankh@guildmortgage.net
Address: 150 120th Ave. NE Ste. 200
Bellevue, WA. 98005
Cell: 206-979-4670
NMLS#: 3274
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