If you are looking to buy there is no better time than now. The tax credit has been extended!
Here is the Skinny:
* First time home buyers or buyers who haven’t owned a principal residence for the past three years are eligible for a tax credit of up to $8,000
* Single or head of household buyers can claim the full amount as long as the modified adjusted gross income (MAGI) does not exceed $125, 000
* Married couples who file jointly cannot exceed the $225,000 MAGI
If you don’t fit into the above guidelines, read on:
* Single or head of household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 can be eligible for a partial tax credit
* Existing homeowners who have resided in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence may be eligible for up to a $6,500 tax credit.
Important Dates to Remember:
* Homes must be purchased after November 6, 2009, and before May 1, 2010.
* Home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010
Contact me for more up to date information and a free buyer consultation at 781.479.4066 or firstname.lastname@example.org