After months of the tax credit deadline seeming a long way off we are entering the final week. Remember that to qualify you must have a Purchase Agreement signed and delivered by both parties by April 30, 2010 (that's next Friday!), but contingencies do not have to be met by that date. This includes all contingences, such as inspection and financing contingencies, association document review and short sale approval contingencies.
However, you must close by June 30, 2010 in order to qualify for the tax credit of $8,000 for first-time homebuyers and $6,500 for repeat buyers.
You are considered a first-time homebuyer if you have not owned a home for 3 years. Repeat buyers must have owned their current home for at least 5 years. Although you do not have to sell your current home to qualify as a repeat buyer, your purchase must become your primary residence.
See related posts below for more details.
Sharlene Hensrud, RE/MAX Results – Email – HomesMSP.com
RELATED POSTS
- Overview of new 2010 homebuyer tax credit
- Up to $1,500 tax credit for furnace, roof, windows, insulation…
From the National Association of Realtors…
From the National Association of Home Builders…
- Frequently Asked Questions About the First-Time Home Buyer Tax Credit
- Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit
'Ask an Expert' from the New York Times
- Answers About the Home Buyers’ and Homeowners’ Tax Credits
- Answers About Home Buyers’ and Owners’ Tax Credits: Part 2
- Answers About Home Buyers’ and Owners’ Tax Credits: Part 3
- Answers About Home Buyers’ and Owners’ Tax Credits: Part 4
From the IRS…
- Homebuyer Tax Credit (Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009)
