• You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
• Most other buyers are eligible for up to $6,500 if they have lived in their residence for five consecutive years of the last eight.
• You must sign a purchase contract no later than April 30, 2010, and close before July 1.
• There is no minimum income for claiming the credit. If you don’t owe any taxes, you can receive it in cash.
• You can claim the credit when you file your 2009 or 2010 tax return – or, if you’d rather not wait, file an amended 2008 or 2009 return and receive the money upon purchasing your home. There are also programs that will advance the money to help on your down payment.
• If you co-sign a mortgage to help your non-dependent child buy his or her first home, your eligibility does not affect your child’s ability to qualify for the credit.
I can’t provide every detail of the program here – and I’m not qualified to give you tax advice – but I can help you make sense of the regulations.
Don’t wait. Give me a call and I can help you decide whether now is the time for you to buy. And if the time is right, I’d be honored to represent you as you seek out your dream home.
There May NEVER Be a Better Time
To Buy a Home!
© 2009 RE/MAX International. Each RE/MAX office is independently owned and operated. This is informational only and should not be construed as legal or tax advice. Be sure to consult with a tax professional. Based on information available in May 2009. Accuracy is deemed reliable but not guaranteed.
