Licensed in Virginia, Washington DC & Maryland
$8,000 First-time Home Buyer Tax Credit at a Glance - The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance - To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
If you are a first time buyer or an investor looking to buy real estate in Arlington, Alexandria, Fairfax, Falls Church, Vienna, Burke, Annandale, Springfield, Lorton, Prince William County or Loudoun County in Virginia, Washington DC, Montgomery County or other counties in Maryland close to Washington DC, you will be amazed how affordable properties have become in this market. Foreclosures and short sales are prevalent in this market but other listings are competitively priced as well. Contact me at 571-215-1143 or by email to barbara@virginiahomefinder.info and ask for listings to be emailed to you. You must include your price range, type of property and counties, neighborhoods or areas of interest. Please be as specific as possible. If you are not sure of your price range, please talk to a lender about getting prequalified for a loan. Getting prequalified is the smart way to go. You won't waste time looking at properties that are not in your price range. |