Time is running out! Only 110 days left to take advantage of the $8,000 tax credit for first time home buyers. Purchases must be made before December 1st of 2009 in order to qualify.
First time home buyers are considered those who have not owned a home for three years. This tax credit is equivalent to 10% of the purchase price of the home, capping at $8,000 and is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit. Married couples need a gross income of $150,000. Those earning more may be eligible for reduced credits. The new home has to be their principal residence for three years.
This is just another great reason to now buy a home. To see a video explaining the tax credit, please click here. The Jana Caudill Team would love to help you find the home of your dreams. Please contact us for any assistance you might need.