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.
