$8,000 first time home buyer tax credit
The $8,000 first time home buyer tax credit and $6,500 Credit for Repeat home buyers has expired. For fully executed (signed by buyer and seller) home purchase contracts that were signed by April 30th 2010, qualified purchasers have until June 30th 2010 to complete the said home purchase and obtain their tax incentive.
Below is a recent posting of the detail regarding the home buyer tax credits you may use as a reference.
The FED will still maintain low interest rates which means that you can still qualify for a low fixed rate with an FHA mortgage.
Previous Home Buyer Tax Credit Information
First-time home buyers can get a tax credit of up to $8,000 from the Government that does not require repayment so long as the home remains owned and occupied for a minimum of 3 years from the purchase date.
The tax credit applies to homes bought for $800,000 or less and will equal 10 percent of the homes purchase price up to a max of $8,000.
The income limits for the first time home buyer tax credit are $125,000 for a single tax payer and $225,000 for married couples.
$6,500 Repeat Home Buyer Tax Credit Information.The Federal Government is now offering a $6,500 tax credit in hopes of stimulating economic growth in America. The credit can be obtained upon your next home purchase so long as you buy the property before April 30th 2010 and have owned and lived in your previous house for five years out of the last eight.