Home buyer tax credit deadline expected to be extended until 4/30/2010 with an income increase to  $225,000 for first time buyer couples. It has also been changed to allow existing homeowners that have lived in their home for 5 of the last 8 years to be able to claim the tax credit up to a maximum of $6500 It cannot be used for a vacation home or an investment property. Read more       

 

Are you eligible for the home buyer tax credit?

 

Who Can Claim the Credit Old
In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time home buyer if:
 you purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.

 Credit Has been raised to $225,000 for a couple
1. Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).
b. A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock
of the corporation.
a. Your spouse, ancestors (parents, grandparents,etc.), or lineal descendants (children, grandchildren,
etc.).
B Date acquired
C If you are choosing to claim the credit on your 2008 return for a main home bought after December 31, 2008, and before December 1, 2009 c $7,500 ($8,000 if you purchased your home in 2009), but only half of that amount if married filing separately, or c 10% of the purchase price of the home. If someone other than a spouse also held an interest in the home, enter only your share of this amount.
The credit may give you a refund even if you do not owe any tax.
For homes purchased in 2008, the credit operates much like an interest-free loan. You generally must repay
it over a 15-year period. For homes purchased in 2009,you must repay the credit only if the home ceases to be
your main home within the 36-month period beginning on the purchase date. See Repayment of Credit on page 2.c You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of
purchase. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
Main home. Your main home is the one you live in most of the time. It can be a house, houseboat, house trailer,
cooperative apartment, condominium, or other type of residence.

You cannot claim the credit if any of the following apply.
2. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any tax year.
This rule does not apply for a home purchased in 2009.
3. Your home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a
home purchased in 2009.
4. You are a nonresident alien.
5. Your home is located outside the United States.
6. You sell the home, or it ceases to be your main home, before the end of 2008. You can claim a $6500 credit if you have owned and lived in your current home for at least 5 of the last  years.
7. You acquired your home by gift or inheritance.
8. You acquired your home from a related persons

You will find the full details and example form by following this link Read more  

If you think you qualify contact me for help in finding a mortgage lender who can help you and we will get started finding your first home or new home immediately!

Owning your own home is still the American Dream. when you rent you are paying a mortgage, it's just someone else's mortgage. Shouldn't you paying your own?

Sally Morris

864-538-0044  Email Sally