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2010 Tax Credit for First Time Home Buyers & Move Up Buyers

November 5th, 2009 by


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2010 Tax Credit for First Time Home Buyers & Move Up Buyers
 The Senate and the House of Representatives have passed the bill and now it goes to President Obama to be signed into Law.
 Highlights of the Bill;
 

  • $8,000 tax credit for First Time Home Buyers
  • $6,500 tax credit for move up buyers
  • Buy a home from December 1, 2009 till April 30, 2010.  Must be under contract by April 30, 2010 and close by June 30, 2010.
  • Move up buyers will be eligible as long as the home they’re leaving has been their principal residence for 5 years or more
  • Income Limits – $125,000 for single, $250,000 for Joint.
  • For 2010 Purchasers, may claim the credit on their 2009 tax return.
  • No repayment of the tax credit as long as principal residence for 3 years.

 

If you would like to know how you can qualify for the tax credit or need help getting approved for a mortgage to buy a home, please call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com

 John R. Thomas – Certified Mortgage Planner – Primary Residential Mortgage, Inc.
42 Reads Way, New Castle, DE 19720
302-703-0727 DE Office
610-906-3109 PA Office
410-412-3319 MD Office
www.prmidelaware.com

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