First time homebuyer tax credit

admin — Sat, 20 Feb 2010 18:41:14 +0000

As a move to stimulate the US economy as well as the current housing market, the Federal government is offering an incentive to homebuyers in the form of a tax credit. In effect the bill is designed to entice individuals to purchase a new home during the qualification period with a credit of up to $8000 toward their Federal income taxes.

A qualifying home purchase must occur between January 1st 2009 and April 30th 2010. If however due to extenuating circumstances one’s new home purchase can not close by April 30th 2010, there is a grace period which allows for the completion of the sale by June 30th 2010

Quick facts:
· The tax credit applies to homes valued at $800,000 or less

· The specific tax credit will be equal to 10% of the purchase price with a maximum credit of $8000.

· The tax incentive is available to all first time homebuyers regardless of which type of loan they use to finance their new home.

· The credit will apply as long as the homebuyer occupies their new purchase for a minimum of three years as their primary residence.

· Certain income limits will apply depending upon the individual’s tax filing status.

Interest rates are fluctuating

admin — Sat, 20 Feb 2010 17:54:22 +0000

While interest rates are still historically low, the movements in the financial market are having a definite effect on the trend.

North Carolina Mortgage Rates, NC Mortgage Rates, Charlotte NC Mortgage Rates, Raleigh NC Mortgage Rates

First time homebuyer tax credit

Interest rates are fluctuating