First Time Home Buyer Information

First Time Home Buyer Down Payment Assistance

Home Buyer Tax Credit Expired

The home buyer tax credit has expired. It was extended through September 30, 2010 as long as you have a binding contract in place by April 30, 2010. This is still a true tax credit that does NOT have to be re-paid. Below is a countdown clock to keep track of how much time you have left to take advantage of the tax credit. Keep in mind, you must have had a binding contract in place no later than April 30, 2010.

Here are a few things to keep in mind for first time home buyers: first, if you are married both parties have to qualify as first time home buyers; a first time buyer is someone who has not owned a home for at least the last three years; there are income restrictions, so speak with your accountant or tax preparer about how this affects you; the tax credit is 10% of the purchase price of the home up to $8,000. (If you purchase a $50,000 condo the maximum credit would be $5,000). If you are a repeat buyer, the same income restrictions apply, and the tax credit only goes up to $6,500. To qualify as a repeat buyer you must have owned a home for five consecutive years out of the last eight. By the way, the maximum purchase price for a home to qualify is $800,000.