Homebuyer Tax Credit Extended

Good News for homebuyers -- first time buyers and second time buyers too! On November 6th, 2009, Obama signed a bill that provides a significant tax credit for qualified folks who put a house under contract by April 30, 2010.
First Time Buyer Rules: A first time buyer is a buyer who has not owned a primary residence in the last 36 months. If the buyer is married, then his/her spouse cannot have owned a house in the last 36 months. If either spouse has owned a house in the past 36 months then both are ineligible. To get the max tax credit, there is an income limit of $125,000 for single filers and $225,000 for joint filers. Max tax credit is $8,000 or 10% of the sales price, whichever is lower. Single filers with incomes over $125,000 but below $145,000 or eligible for a partial tax credit. Joint filers over $225,000 but below $245,000 are also eligible for a partial tax credit. Sales agreements must be written by 4/30/10 and closed by 6/30/10. If the buyer owns and lives in the house as their primary residence for a minimum of 36 months, then no repayment of the tax credit is required.
Second Time Buyer Rules: To get the max tax credit, there is an income limit of $125,000 for single filers and $225,000 for joint filers are. Max tax credit is $6,500 or 10% of the sales price, whichever is lower. Single filers with incomes over $125,000 but below $145,000 or eligible for a partial tax credit. Joint filers over $225,000 but below $245,000 are also eligible for a partial tax credit. Sales agreements must be written by 4/30/10 and closed by 6/30/10. Must have owned and lived in the house being sold for a minimum of 5 years or have lived in the house for 5 consecutive years within the past 8 years. If the buyer owns and lives in the house as their primary residence for a minimum of 36 months, then no repayment of the tax credit is required. The maximum sales price is $800,000; if the purchase price is higher than $800,000 then the buyer is not eligible for a tax credit.
Restrictions: You cannot purchase a home from a close relative including a spouse, parent, grandparent, child or grandchild. Get Started Now: If you are buying in NH, contact Renee Duval or Carol Jordan. If you are buying in Maine or Mass, contact Carol Jordan to get preapproved for a mortgage loan now. Call (603) 225-LOAN (5626). Or e-mail AmazingLoans@NHmortgages.com