$8000 First-Time Homebuyer Tax Credit | $6500 Move-Up Tax Credit

$8,000 Homebuyer Tax Credit EXTENDED!

Now First-Timers and Move-Up Buyers

Have Until April 30th to Buy!

Steps need to be taken soon!

All home buyers have until April 30^th to sign a purchase agreement and until June 30^th to close on the purchase to be eligible for the tax credit.

Previous homeowners can now take advantage of a smaller $6,500 tax credit.
First time Buyers can still receive the 8,000 credit.
The income and purchase price limits have increased for all buyers:
Maximum Purchase price: $800,000
Single income limit: $125,000
Joint income limit: $225,000

Time required to accomplish home purchase:

(35-60) days from purchase agreement to closing
(15-60) days to find a house
(1-14) days to pick a realtor and a lender
= 77-(6) days to start the home buying process!

First-time homebuyer's include anyone who has not purchased a home in the past 3 years. Qualified First-time homebuyer's buying a home on or after January 1, 2009 and before April 30th receive $8000 tax credit maximum, or 10% of home price, and it does not have to be repaid if you occupy the home 3 years. Take advantage of the $787 Billion Stimulus American Recovery and Reinvestment Act!

Find out if you are eligible today: Peter Boyle - 612.701.6816

* $8000 IRS Tax Form 5405

* IRS New Tax Credit Information

* $7500 First-Time Homebuyer Tax Credit for Home Purchases on April 9, 2008 and before Jan 1, 2009 Must Be Repaid.

For First-Time Homebuyers who bought a home on or after April 9, 2008 and before January 1, 2009 they may qualify for a $7,500 tax credit. Read the following information that pertains to the $7500 First-Time Homebuyer Tax Credit opportunityof 2008.

First-Time Homebuyer $7500 Tax Credit

This includes anyone who has not owned a home in the past three years.

There is a deadline so take advantage of these benefits today:

Buy a home before June 30, 2009 when it expires
The tax credit is like an interest free loan repayable over 15 years but the payments don't start for 2 years
It can not be claimed by buyers who take advantage of Mortgage Revenue Bond programs

For example, if you had a federal income tax liability of $5000 and had a tax withholding of $4000 for the year, than without the tax credit the taxpayer would owe the IRS $1000 on April 15th. But, if you qualify for the $7500 home buyers tax credit, as a result, you would receive a check for $6500 ($7500 minus the $1000 owed).

Borrowers will receive a tax credit of 10% of the purchase price up to $7,500 maximum, for the tax year in which the home buyer purchases a principal residence. The tax credit is repaid like an interest-free loan in equal installments over the next 15 years or in full if the homebuyer sells the property for a gain. The tax credit phases out for a taxpayer with a modified adjusted gross income over $75,000 (or $150,000 for joint returns). This tax credit is available for qualifying homes purchased from April 9, 2008 through June 30, 2009. For more information click http://www.federalhousingtaxcredit.com/.

Call Peter Boyle 612.701.6816 NMLS License # 218261

Serving Minneapolis, St Paul and Surrounding Areas.

*Summit Mortgage Corporation
*Please check with your lender for current pricing and personal mortgage analysis.
*The information in this Web site can change without notice. This is an Equal Housing Credit Lender. Equal Housing Lender