In case the year has just flown by for you (can you believe we???re near the end of April 2010??), you may have not have noticed that the federal tax credits are set to expire April 30, 2010.?? First-time home buyers can receive up to 10% of the home???s purchase price (up to $8,000) and Long-time existing homeowner buyers also receive 10% of the home???s purchase price (up to $6,500).
In order to qualify, you must be in a written, binding agreement (escrow) by April 30, 2010 and close no later than June 30, 2010.?? For those who file jointly, the first-time credit modified AGI income limit is $150,000 ($75,000 for single filers).?? For those participating in the existing homeowners credit, the income limits are $250,000 for joint filers and $125,000 for single ones.
Military personnel, members of the Foreign Service, and intelligence employees have an additional year to take advantage of this program.?? These individuals must be in a binding contract by April 30, 2011 and close escrow by June 30, 2011.
Both types of buyers must be at least 18 years of age and also buyers must occupy the home for at least three (3) years to avoid paying some of the credit back.
So get house shopping and get into escrow!?? You have only a few days left.
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