First-time homebuyers … You still have time!
- First-time homebuyers have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
- The income limit for claiming the full tax credit for single taxpayers is %125,000 and $225,000 for married taxpayers filing a joint return. The tax credit does not have to be repaid.
- Homes purchased for up to $800,000 are eligible.
- A first-time buyer is defined as a buyer who has not owner a principal resident during the three-year period prior to the purchase. For married taxpayers, this includes the home ownership history of both spouses.
At least there’s some hope of the economy climbing back up. Those who couldn’t before go ahead and buy a house!
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Historically it has been proven that one generally stays about five to seven years in a home. Hence, to all doomsday sayers, even if you buy now you will do well when it comes to selling.
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