California MD home - Price reduction! Take advantage of the $8,000 tax credit!
Adorable home on 1/2 acre lot close to shopping, Solomons and Pax River. Sunroom for relaxing. Replacement windows. New roof and carpet, freshly painted.
On the fence about buying a new home?
Homeowners are eligible for a tax credit of up to $6,500 if they purchase a new home. To qualify, current owners will need to have lived in their prior residence for 5 consecutive years out of the past 8 years. The credit would apply to home purchases under contract by April 30, 2010, as long as they close by June 30.
First-time buyers (and those who haven't owned a home in the last three years) continue to be eligible for up to $8,000.
As for income limits, the new credit is available to individuals earning up to $125,000 or couples earning $250,000. That's up from $75,000 and $150,000, respectively, for the current tax credit. The credit can be used only on homes that cost $800,000 or less, and cannot be applied to vacation or second homes.
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