First Time Buyer Tax Credit information Greenville SC

 First time buyer tax credit information Greenville SC

As part of its plan to stimulate the U.S. housing market and address

the economic challenges facing our nation, Congress has passed

new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to

first-time home buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current home

owners purchasing a new or existing home between November

7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer

Tax Credit can help prospective home buyers become part of

the American dream. If you have specific questions or need

First-time home buyers who purchase homes between November

7, 2009 and April 30, 2010.

Current home owners purchasing a home between November

7, 2009 and April 30, 2010, who have used the home being sold

or vacated as a principal residence for five consecutive years

within the last eight. To qualify as a "first-time home buyer" the

purchaser or his/her spouse may not have owned a residence

during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary

residences, including: single-family homes, condos, town-homes,

and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is

$8,000.

The maximum allowable credit for current homeowners is

$6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by two additional

factors:

Price

Under the Extended Home Buyer Tax Credit, credit may only be

awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on

November 7, 2009, single buyers with incomes up to $125,000

and married couples with incomes up to $225,000-may receive

the maximum tax credit.

These income limits have changed from the 2009 First-Time

Home Buyer Tax Credit limits.

If the Buyer(s)' Income Exceeds These Limits, Can

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000

and $145,000 for single buyers and between $225,000 and

$245,000 for home buyers filing jointly. The amount of the tax

credit decreases as his/her income approaches the maximum

limit. Home buyers earning more than the maximum qualifying

income-over $145,000 for singles and over $245,000 for

couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April

Under the Extended Home Buyer Tax Credit, as long as a written

binding contract to purchase is in effect on April 30, 2010, the

purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she

occupies the home for three years or more. However, if the

property is sold during this three-year period, the full amount

credit will be recouped on the sale...