President Obama signed into law the First Time Home Buyer’s Tax Credit. The bill extends the tax credit for First Time Home Buyer’s or people who have not owned a home with the last three years. In order to qualify for the tax credit all contracts need to be in effect no later then April 30th, 2010 and close not later then June 30th, 2010.
The tax credit for First Time Home Buyer’s is 10% of the purchase price of the home with a maximum available credit of $8,000.
There is an exciting new tax credit for those who already own a primary residence. Home owners can qualify for a tax credit up to $6,500 if they sell their homes from November 6th, 2009 to June 30th 2009. To qualify home owners must have occupied the home as a primary residence for a period of five consecutive years during the last eight years.
For more details on this new program give me a call or e-mail today to show you how to benefit from the new tax credits.