Home Buyer Tax Credit for Boulder, CO If you're thinking about buying home, you may be eligible for up to a rebate. How??? Well, two versions of the tax credit are available: a maximum credit of $8,000 for first-time homebuyers, as well as a $6,500 credit for current homeowners. This credit applies only to the purchase of a primary residence that is below $800,000. If you've lived in your current residence for 5 consecutive years in the past 8 years, then you are eligible for the $6,500 rebate. Most importantly, you must enter into a purchase contract by April 30, 2010 and close by June 30, 2010.
The home buyer tax credit for Boulder, CO applies to single-family detached homes, townhomes, condominiums; newly constructed or pre-existing homes. One thing to keep in mind is that if you sell your home within three years, you may be subject to repaying the incentive. A good way to start if you haven't started looking already is visit www.homesincolorado.com for information on open houses, agents, and available properties.
Additionally, be aware of the following so you are able to take advantage of the tax credit:
If the home you want is a short sale getting the tax credit may be difficult. Waiting for lender approval on these properties could possibly leave you without a binding contract before April 30. On the flip side, don't get too excited about purchasing the wrong property in order to get a tax rebate of $8,000 or $6,500. In the big scheme of things, these values are small in comparison to the purchase price. You should feel confident the property you want fits your needs. Given the large inventory of homes to choose from in the current market,you may not have time to look at every available home. By establishing a specific criteria and selecting the right real estate agent, buyers can effectively cross off homes that won't fit their needs. Ask yourself: Where do I want to live? How much can I afford to invest? Finally, talk to a lender and go through the pre-approval process. That will tell you quickly how much you can actually afford. Either way, the process will help a buyer determine how much they are willing and able to spend on the home.
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