The Federal Government's tax credit for first-time and repeat home buyers is set to expire soon! To take advantage of the tax credit home buyers must be under contract by April 30, 2010. Details of the program are as follows:
- $8,000 tax credit until April 30 for first-time home buyers.
- $6,500 tax credit for buyers that have lived in primary residences for at least five consecutive years out of the last eight. This credit will also expire April 30.
- Home buyers must enter into contracts to purchase their homes by April 30 and close by June 30 to be eligible for the credits.
- Income eligibility range is up to $125,000 for individuals and $225,000 for couples. The same limits apply to the credit for existing home owners.
- Excludes homes with purchase prices exceeding $800,000.
Unlike the previous expiration of the first-time home buyer tax credit in November 2009, there is no indication that this program will be extended. Home buyers are urged to take advantage of this program before the end of this month to get the monetary benefit of being a home buyer.
Call me if you have any questions about the home buyer tax credit program and begin your home search today.