Federal Tax Credit for HomeBuyers… Continued

This is a great segment that puts a simple explanation of the $8000 federal tax credit into visual form.

I found this video on wahomeowners.com which appears to be a great resource for home buyers in the state of Washington.

To Qualify a Home Buyer must meet the following criteria:

• You meet IRS income and homeownership rules.
• You sign a binding contract by April 30, 2010.
• You close on a home purchase by June 30, 2010.

First-Timers”are eligible for up to $8000 and Long-Term Home Owners (5+ years) are eligible for up to $6500 in tax credits.

For “First Time Home Buyers” the IRS income and homeownership rules start to phase out the tax credit at incomes of $225,000 for married couples and $125,000 for individuals.   This is a significant increase from the initial tax credit (75k for individuals and 150k for couples).

There are also additional benefits for members of our military detailed on the IRS site.  Make sure to share that info with any veteran you know that might be able to take advantage of it.

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