First-Time Homebuyer Credit: What You Need To Know

Posted December 24, 2009

Great news:  the first-time homebuyer credit has been extended! Here’s what you need to know about taking advantage of this credit to purchase your new home:

  • Deadlines:  In order to take advantage of the credit, your home must be under contract by April 30, 2010 and must be closed upon by June 30, 2010.
  • Restrictions:  The home must be used as the purchaser’s primary residence and is fully refundable.  Income limits are $125,000 for single persons, $225,000 for couples.  The credit is only valid on residences purchased for less than $800,000.  Primary residences including condos, townhomes, and single-family homes are eligible for the tax credit.
  • First-time buyers:  Under the rules, “first-time buyer” is defined as a person who has not owned a home in the last three years.
  • Repayment:  Beneficiaries of the credit need not repay itif they live in their new home for three years or more.

What this means for you:  Now is the time to buy!  Boulder Creek Life and Home has plenty of great options for an energy-efficient first home.  Visit our web site for more information our our low-maintenance communities.