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Home Buyer Tax Credit
First Time Home Buyer Guidelines
• Up to $8,000 tax credit (based on 10% of sale price of home purchased).
• No ownership interest in a principal residence for 3 years prior to purchase.
Current Home Owner Guidelines (NEW)
• Up to $6500 tax credit (based on 10% of sale price of home purchased).
• Home SOLD or being SOLD must have been principal residence
consecutively for 5 of the previous 8 years.
Additional Guidelines
• Income limits: $125,000 single or $225,000 married.
• Written binding contract to purchase prior to April 30, 2010.
• Purchaser will have until July 1, 2010 to close.
CLICK HERE TO SEE CHANGES TO THE HOMEBUYER TAX CREDIT
Get more information from the following links.
Federal Housing Tax Credit
American Recovery and Reinvestment Act of 2009
National Association Of Realtors-Ken Trepeta
FIRST TIME HOME BUYERS - NOW IS THE TIME TO BUY!!!
- $8,000 Tax Credit (purchase before April 30, 2010)
- Interest rates at or near 50 year lows
- Motivated Sellers
- Large Inventory to choose from
Use "My Homefinder" to start searching all of the listings in your price range.
Contact Me to discuss the home buying process
10 Most Affordable Cities to Buy a Home
More people can afford a house today than in at least five years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
A family earning the national median income of $61,500 a year would be able to buy more than 60 percent of all homes sold in the last three months of 2008 by committing less than 28 percent of their total income toward paying the mortgage, the report found.
That figure is up 56.1 percent from the third quarter of 2008 and up 46.6 percent from what it was at the end of 2007.
According to the Index, the most affordable cities and their median prices are:
- Indianapolis, Ind., $103,000
- Warren, Mich. $125,000
- Youngstown, Ohio, $73,000
- Detroit, Mich., $90,000
- Grand Rapids, Mich. $102,000
- Syracuse, N.Y., $88,000
- Dayton, Ohio, $90,000
- Akron, Ohio, $90,000
- Cleveland, Ohio, $100,000
- Scranton, Pa., $85,000
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