Raise the roof Lehi residences! The door of Opportunity has been swung open for existing home owners and now you have a Tax Credit to move up to that dream house you’ve been wanting. The program now gives those who already own a Lehi residence some additional reasons to move to a new home. The incentive comes in the form of a tax credit of up to $6,500 for qualified buyers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. The COOL part here is the Higher Income Caps–the amount of income someone can earn and qualify for the full amount of the credit has increased….Single Tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. BUT, big but….the Single Tax filers who earn $145,000 and above are ineligible. Now the Joint Tax filers who earn up to $225,000 are eligible for the total credit amount and those who earn above the cap can still receive a partial credit. However, joint filers earning $245,000 and above are not eligible. Maximum purchase price for qualifying buyers is set at $800,000. Another stipulation for the credit is you’ll need to have a contract in effect no later than April 30, 2010 and have it closed by June 30, 2010.
Additionally, the First Time Home Buyers tax credit has been extended…with the same deadline dates as above. For Lehi FTHB the tax credit is up to $8,000 and will have the same income restrictions as stated above.
Now is the time for you to purchase that house you’ve been putting off! With the growth of Lehi City–residential and commercial–there has probably never been a better time to purchase. Make sure your family and friends know about these credits….they just may be ready to make that purchase. Feel free to email me any questions you have. Let me know if I can help you in any way.