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UPDATED!!
AGAIN this week Congress went to work for homebuyers and extended an economic stimulus package that benefits first-time homebuyers, as well as, previous buyers who have lived in thier home 5 of the last 8 years!
You can start enjoying the benefits of homeownership now! Here are some of the highlights of the package:
- The tax credit is for first-time home buyers and home owners who have owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date
- The tax credit does not have to be repaid
- The tax credit is 10% of the home's price up to $8,000 (first time homebuyer) or $6,500 (repeat buyer)
- Repeat Buyers who are single with incomes up to $125,000; the limit is $225,000 for married taxpayers filing a joint return
- First-time homebuyers income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly
- Hurry in you must closed by June 30, 2010 with a binding sales contract signed by April 30, 2010
For more information visit, www.federalhousingtaxcredit.com or you can download an informational brochure from the National Assoication of Realtors here. Happy homebuying! |