Home buyer tax credit is Back!

The federal tax credit is extended. Originally, the first end of November, has now been extended to you for help, families and friends in a house! There are new rules and now actually two loans:

Credit # 1: Time-First home buyers get the tax credit if they purchase a $ 8,000.00 full main residence before 30 years in June 2010 and not in possession of a house in the last third

Credit # 2: Current homeowners will receive a credit up to € 6,500.00, it is ownedand lived in their principal residence for five years competing in the last eight years, and before acquiring a first home 30th June 2010.
There are rules:

1.Adjusted gross income for the first buyer before the house is $ 125,000 (single) or $ 225,000.00 (married). (Income limits this year are $ 75,000 (single) and $ 150,000 (married).

According If you take the credit, you must stay. If you sell, at home or in another home within the first three yearsclosely, you'll have to repay the tax credit.

Third Housing and Urban Development (HUD) allows buyers to FHA loans insured for the purchase, the tax credit against their home immediately rather than waiting until they file their 2009 or 2010 taxes for a refund . This could include specific Down payment and closing cost expenses are used.

So if you thought you had lost or could not afford a house here is the opportunitybeen waiting for! Want to know more? Have questions? There are many websites explain this new tax credit (try the National Assoc. Home Builders: http://www.nahb.org) or your tax advisor can call you. This is a simple way to make $ 8,000.00 - only buy a house!

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