Posted on in Consumer Education
If you plan to use the First-Time Home Buyer Tax Credit program, time is running out. The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as part of the 2009 economic stimulus plan. It credits up to $8,000 in tax payments to qualified buyers. The qualification criteria are as follows: Buyer may not have owned a “main home” in the past 36 months The home may not be purchased from a parent, spouse, or child Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers Furthermore, not everyone who’s qualified will get the full $8,000. The credit can’t exceed 10 percent of a home’s purchase price, for example, and households with income approaching program limits get lesser benefits, too. […]
by jberman