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These tax credits are the reason for buying a home now !!
FIRST TIME BUYERS
Credit: Equal to 10 percent of the home's purchase price, up to $8,000
Who Qualifies?
- Those who haven't owned property in the last three years
- Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
- Must be at least 18 years of age to claim credit
- Purchase price must be $800,000 or less
Deadlines:
- Have until April 30, 2010, to enter into a contract for a home purchase
- Have until June 30, 2010, to close on the purchase
CURRENT HOMEOWNERS
Credit: Equal to 10 percent of the home's purchase price, up to $6,500
Who Qualifies?
- Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
- Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
- Must be at least 18 years of age to claim credit
- Purchase price must be $800,000 or less
Deadlines:
- Have until April 30, 2010, to enter into contract for a home purchase
- Have until June 30, 2010, to close on the purchase
In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.
PLEASE NOTE: The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation. Purchaser must attach documentation of purchase to tax return.
Please remember to advise consumers to consult with a tax professional for individual eligibility and implications of the Homebuyer Tax Credit.
Less than 5.00 % IS POSSIBLE !! Buy BEFORE the rates go up. You can save Tens of thousands of dollars over the years.There is Money available !! Money that is going to put you in a position to purchase at a correct mortgage - one you can afford. Call for mortgage information (860-205-8659) You CAN OWN a Home - You SHOULD OWN a Home!!
I will be happy to provide all the information you need to buy or sell real estate in South Windsor, Glastonbury, Ellington, Manchester, Avon, Vernon, Tolland, E. Hartford, E. Windsor, Enfield, Hebron , Simsbury, Newington and surrounding areas. As the premier real estate agent in Greater Hartford - Tolland and Middlesex counties, I look forward to serving you and will be happy to help at any time. Learn More About Me We can find the right home or condo for you. You worked for it - you should have it !!
FOR BUYERS
Whether you are a first time homebuyer or a seasoned veteran I have all the resources you need to buy real estate in ,South Windsor, Glastonbury, Ellington, Manchester, Avon, Vernon, Tolland, E. Hartford, - All of Greater Hartford - Tolland - Middlesex counties.
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FOR SELLERS
Find out how much your home is worth and how I can help you get top dollar for your home. I will guide you through the paperwork, negotiations, sales closing. All of this saving you time money and aggravation.
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Ed Zagorski
The Right Home
860-205-8659
Century21 Reale
Manchester, Ct.
Lic. # 777147, Mass. # 133423
