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Here's the "Who, What, When, Where and Why"

Whether you are a first time home buyer, or you have bought and sold dozens of homes, it's an amazing time to buy!  Here's what you need to know:

Who is eligible for the tax credits?

$8000 tax credit:  First time home buyers who have not owned a home in the past 3 years who purchase a home before April 30, 2010 and close by June 30, 2010.

$6500 tax credit:  Current home owners purchasing a home before April 30, 2010 and close by June 30, 2010 who have used the home being sold or vacated as a principal residence for five consecutive years with the last eight.

What is it?

You get the tax credit back with your tax refund.  There are income limits on the home buyer.  $125,000 for singles.  $225,000 for married persons. Then a phase out range over the income limit amount.  It is only available for your primary residence and not vacation or investment properties.

Historically Low Interest Rates:

Rates are still at historic lows meaning you can lock in low rates for the life of your loan, making your monthly mortgage payments more manageable.

Tax advantages for homebuyers:

The federal government provides tax breaks for homeowners in addition to the tax credit.  Allows you to deduct your mortgage interest, mortgage insurance and property taxes.  Allows exempting capital gains taxes on your primary residence

Email me at lynxamanda@msn.com for more information on taking advantage of the tax credit.