First Time Home Buyer Tax Credits in Boulder Colorado

First Time Home Buyer Tax Credits in Boulder Colorado

As I was browsing the internet this morning I came across a great article that highlights the first time home buyer tax credits. For the First Time Home Buyer tax credits, the IRS states that you qualify if you have not owned a primary residence for a minimum of 3 years.  If you're in that category, here are some things to consider:

The maximum for First Time Home Buyer tax credits is 10% of the home's sale price, up to $8,000.  However, keep in mind that if you sell your home or discontinue using the home as your primary residence within the first 3 years, you are subject to repayment of the first time home buyer tax credits. Currently, the first time home buyer tax credits are available to individuals that earn a maximum of $125,000 or $225,000 for married couples that file jointly.  These amounts increased from $75,000 and $150,000 earlier this year. These credits are available to home buyers that either purchase or enter into a binding sales contract before April 30, 2010.  Don't miss out on this great opportunity, call me at 303-497-0615 or send me an e-mail at nicholas.bertrand@coloradomortgagealliance.com to see what financing options are available for your first time home purchase.  To review available properties in the Boulder, Colorado area, please visit Homes In Colorado or check out a list of open houses in the Boulder Colorado area.

Additionally, a Repeat Home Buyer Tax Credit (10% of the home's purchase price, up to a maximum of $6,500) is available for those that have owned and lived in their primary residence for five consecutive years over the last eight years.  Similarly to the First Time Home Buyer Tax Credit, the Repeat Home Buyer Tax Credit has the same repayment penalty and the home buyer must purchase or have a binding contract prior to April 30, 2010.