10 Things You Should Know about the Home Buyer Tax Credits

If you are considering whether or not to take advantage of the home buyer tax credits, here are a few things to know about eligibility requirements: 

1. First time home buyers may be eligible for up to $8,000.
2. First time home buyers cannot have owned a residence within the past 36 months.
3. Current home owners may be eligible for up to $6,500.
4. Current home owners must have occupied a primary residence for 5 consecutive years during the last 8 years.
5. Any contract signed before April 30, 2010 is eligible, but it must close by June 30, 2010.
6. Single filers can earn up to $125,000 to be eligible for the entire amount. Single filers earning up to $145,000 can receive a partial credit.
7. Joint filers can earn up to $225,000 to be eligible for the entire amount. Joint filers earning up to $245,000 can receive a partial credit.
8. Maximum home sales price is $800,000.
9. The tax credit is available on primary residences only.
10. No repayment is required unless the home is no longer the primary residence at any time within the first 36 months.

Call us to discover how Columbia Funding Mortgage can support you with your mortgage needs. We would love the opportunity to meet you and discuss the options available to you.