• Now, qualified first-time homebuyers would receive a tax credit of up to $8,000 if they sign a purchase contract by April 30, 2010, and close by June 30, 2010
• The home purchased must be their primary residence
• Buyer cannot have owned a home during the past three years
• Tax credit is up to 10 percent of the home’s value (not to exceed $8,000)
• Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)
• Buyers don’t need to repay the tax credit if they occupy the home for three years or more
• Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of the credit

New $6,500 tax credit for current or previous homeowners purchasing a primary residence

• Now, qualified repeat homebuyers would receive a tax credit of up to $6,500 if they sign a purchase contract by April 30, 2010, and close between November 7, 2009, and June 30, 2010
• Eligible homebuyers must have lived in their current home for five consecutive years of the past eight years
• The new home’s cost can be less than that of the current home
• Tax credit is up to 10 percent of the home’s value (not to exceed $6,500). Purchase of homes priced above $800,000 are not eligible for the tax credit
• Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers)
• Buyers don’t need to repay the tax credit if they occupy the home for three years or more
• Members of the military who are serving overseas on “official extended duty” for a least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of the credit

Consult a tax advisor for details about your specific situation.

Get pre-approved today! Contact Edina Realty Mortgage at 952-928-5300 or mortgage@edinarealty.com.