Unless modified, time is running out on the Federal Government's home buyer's tax credit as buyers need a binding written contract to purchase a home by April 30, 2010 and close the sale by July 1, 2010 to qualify for this credit.
First time home buyers will receive an $8,000 tax credit or 10% of the sale price of the home, whichever is less. The maximum sale price for a home is $800,000. The full credit is available for couples with a modified adjusted gross income of $150,000 or less and for other taxpayers with a modified adjusted gross income of $75,000 or less.
For existing home owners, there is a $6,500 credit or 10% of the purchase price, whichever is less. These buyers must have resided in their current home for five consecutive years in the past eight years. Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum credit.
Neither tax credit has to be repaid if the buyer occupies the home for three years or more. Combined with the low interest rates and low sales prices, buyers can now purchase more home for their dollar.
American Canyon offers some exceptional buying opportunities for first time and move up buyers. The new high school is another great asset to the community and will draw buyers from surrounding areas.
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