Attention New Homeowners

If you are looking to buy a home, you could qualify for a $8,000 First-Time Home Buyer Tax Credit. The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. To see if you qualify, answer these simple questions below:

1. Are you planning to buy a home before Dec. 1, 2009?
To qualify for the tax credit, you must purchase a home (close and receive title) on or after January 1, 2009 and before December 1, 2009.

2.  Have you owned a home in the past three years that was used as your primary residence?
To be eligible for this program, buyers cannot have owned a home for the past three years that they have used as their primary residence.

3.  Will you use this home as a primary residence?
Vacation homes and rental property do not qualify for $8,000 tax credit.

4.  Are you buying this home from an unrelated third-party (i.e. not your spouse, parent, grandparent, child or grandchild)?
To be eligible for the $8,000 tax credit, you cannot buy this home from a close relative.

5.  If you are single, do you make more than $75,000 a year? Or, if you are couple filing jointly, do you make more than $150,000 a year?
The full credit is available for couples filing a joint return whose modified adjusted gross income (MAGI) is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

For more information about this tax credit, please give me a call at 602-904-1496 or click the link below for more information.

Federal Housing Tax Credit