$8,000 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers. See the IRS details here.

Who Qualifies?

First-time home buyers who enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Can I get the Tax Credit and get the Degive Realty 25% Cash Back Commission Rebate too ?

YES. You can save money both ways when you buy a home through us.

Call Degive Realty NOW to find your Dream Home before this credit expires!