FEDERAL HOUSING TAX CREDIT EXTENDED & EXPANDED

Today is a perfect time to find the home you've always wanted in the Macon or Warner Robins areas.  The federal tax credit program that offers a credit of $8,000 to first time home buyers and $6,500 credit to repeat home buyers has been extended to April 30, 2010.  This credit program opens up opportunities to find that dream home that you've been looking for.  Don't wait! Visit one of our offices in Macon, Warner Robins, Perry, Gray, and Dublin or search for homes for sale right now.

One of our many residential real estate agents is waiting to guide you through the home buying process to ensure you can take full advantage of the federal tax credit program.

Here you'll find the most pertinent information on the federal tax credit program and for full details please visit the IRS page detailing the federal tax credit program in full.

$8,000.00 First-time Home Buyer

• The credit is 10% of the purchase price; up to $8,000.
  
  
• Extends the $8,000 tax credit for first-time home buyers or someone who has not owned a principal residence during the three-year period prior to purchase.
  
  
• The tax credit does not have to be repaid unless the home is sold within 3 years after the date of purchase.
  
  
• Income limits: For homes purchased between January 1, 2009 and November 6, 2009; $75,000 for single taxpayers and $150,000 for married couples filing jointly.  For homes purchased after November 6, 2009 and on or before April 30, 2010; $125,000 for single taxpayers and $225,000 for married couples filing jointly.
  
  
• You must have a binding agreement for the home on or before April 30, 2010 and the home must close by June 30, 2010 to qualify.
  
  
• Credit applies to homes priced at $800,000 or less.
  
  

$6,500 Repeat Home Buyer

• The credit is 10% of the purchase price; up to $6,500.
  
  
• Purchasers must have owned and lived in their previous home for five consecutive years out of the last eight.
  
  
• The tax credit does not have to be repaid unless the home is sold within 3 years after the date of purchase.
  
  
• Income limits:  $125,000 for single taxpayers and $225,000 for married couples filing jointly.
  
  
• This credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.
  
  
• You must have a binding agreement for the home on or before April 30, 2010 and the home must close by June 30, 2010 to qualify.
  
  
• Credit applies to homes priced at $800,000 or less.

Sources:  National Association of Realtors, National Association of Home Builders

For more information: http://www.irs.gov/newsroom/article/0,,id=204671,00.html