$8000 First Time Home Buyer Tax Credit Deadline Rapidly Approaching in Longmont Colorado

$8000 First Time Home Buyer Tax Credit Deadline Rapidly Approaching in Longmont Colorado

Act now if you are looking to take advantage of the government's $8000 First Time Home Buyer Tax Credit.  The deadline is rapidly approaching to claim this great tax break.

Here is a great Home for Sale in Watersong at Creekside Longmont Colorado - perfect for First Timers.

In order to qualify for the $8000 First Time Home Buyer Tax Credit, you must meet several guidelines:

• Have not owned a home for the past 3 years
• Must be under contract by April 30th, 2010
• Must close on your home purchase by June 30, 2010

The $8000 First Time Home Buyer Tax Credit is a dollar-for-dollar check that you will receive from the government for buying a home before the deadline.  The plan was put into place in an attempt to stimulate the struggling housing market, and it seems to have worked as hundreds of thousands have taken advantage of the program.

The amount of the $8000 First Time Home Buyer Tax Credit is based on your tax filing status and the sales price of the home you are purchasing.  The $8000 First Time Home Buyer Tax Credit applies to married couples filing jointly, and $4000 for a single filer.  The credit is the lesser of this amount or 10% of the purchase price of your home.

Existing home owners can also qualify for a tax credit if they have been in their current home for 5 of the last 8 years.  The tax credit for existing home owners is $6500 for married filers, and $3250 for a single filer.

The $8000 First Time Home Buyer Tax Credit was extended once last fall, but it appears that this will not happen again as the summer housing season is approaching.  The goal of the administration is that housing will ultimately be able to recover without stimulus, so the summer months, with a normally higher volume of home sales, provides a good time to test the waters. 

However, already California has announced a First Time Home Buyer Tax Credit of their own, set to start the day after the federal program expires.  It will be interesting to see if other states follow suit.

Are you pre-approved?  Find out what you qualify for today with our Longmont Home Purchase Assistant online self-help tool!