Effective 12/01/2009, the Federal Tax Credit Program has been extended. The notable aspects of the Bill include: - The Tax Credit for 1st time buyers is still 10% of the purchase price with a maximum of $8,000.
- No repayment is required as long as the buyer lives in their home as their primary residence for at least 3 years.
- They have added a credit up to $6,500 for repeat buyers. They must have owned and lived in their current home as their primary residence for at least the past 5 consecutive years.
- Income limits have been increased. The limit for a single filer is now $125,000 and $225,000 for joint filers (previously $75,000 and $150,000).
- A reduced credit is available to single filers with incomes of $145,000 or joint filers up to $245,000 in income.
- Homes must cost less than $800,000.
- Home buyers must sign a Purchase Agreement no later than 04/30/2010 and they must take title no later than 06/30/2010.
- You may not have owned a home during the past 3 years to qualify as a 1st Time Homebuyer.
- The tax credit is refundable. That means that if you owe no taxes, you can choose to have the government send you the $8,000 as a refund. Or, say you owe $3,000, then you will get back $5,000.
 Now that you qualify for the $8,000,
lets' go Home shopping today!
Call Linda Gray 440-477-1841  Will your new Ohio home be in Westlake, North Olmsted, Elyria, North Ridgeville, Avon?  |