First Time and Repeat Buyer Tax Credits - Deadlines approaching Soon

In November 2009, congress made the decision to continue the tax credit program for First Time Home buyers.  This program gives a First time Home buyer an $8,000 tax credit.  Congress also added terms to now include a repeat buyer as well (providing you have owned your current home for at least five years). Repeat buyers are given a $6500 tax credit for purchasing a home.  These are great programs that should be taken advantage of in today's market.  No one knows if this program will be extended or ever available again.  The current program requirements expire on April 30, 2010.  To take advantage of this great program, you MUST be under contract on a home by April 30, 2010, and the property MUST settle by June 30, 2010. 

• Definition of First Time Home Buyer:  Someone who has NOT owned a home in the last three years.
• Definition of Repeat Home Buyer:  Someone who has lived in and owned the same home for the five out of the last eight years. 
• First Time Home Buyer Credit:  $8,000
• Repeat Home Buyer Credit:  $6,500
• Deadline: Must be under contract by April 30, 2010.  Must settle by June 30, 2010.
• Income Limits:  $125,000 for single person; $225,000 for married couple
• Maximum home purchase amount:  $800,000
• Eligible Properties:  Single Family Homes, Condominiums, Town Homes that will be used as your PRIMARY residence.  Can also apply  on a 1-4 unit rental building, provided that you will be living in one of the units as your primary residence. 
• Properties NOT eligible:  Properties being purchased from a spouse, parent, grand-parent, child or grand-child.  You can however purchase from siblings, nieces, nephews, etc. and still be eligible.
• Married couples are not eligible to claim the first time home buyer credit if either of the spouses has owned a home in the last three years.  They can qualify for the repeat credit if they meet those guidelines however. 
•  Repayment of Credit -  The credit will not have to be repaid to the government, UNLESS you sell the home or the home no longer becomes your primary residence within three years of purchasing the home. 
• You must submit a copy of the HUD-1 closing statement and IRS form 5405 with your tax returns to claim the credit(s). 

Of course if you or someone you know if looking to buy in the DC metro area, I would be happy to help out as your Realtor.  Please give me a call (703-346-7060) or email (soldsign@aol.com )and let me know.