First Time Homebuyer Credit
Under the new law, credit are available to qualifying buyers who sign a binding who sign a binding contract by April 30, 2010 and who close by June 30, 2010. The two-month period should offer plenty of time for last-minute buyers to get the contract closed.
You are considered a first time buyer if you have not owned a home for at least 3 years before the date you settle on your new home.
For first-time buyers the credit is 10% of the purchase price of the home - up to $8000. In other words if your house cost $80,000 or more you qualify for the maximum tax credit.
The credit does not to be repaid, as long as you live in your house for at least 3 years. If you move or sell out before 3 years, you must repay the money. (The payback can't exceed the amount of profit you make on the sale)
There is also a credit available for those who presently own a home, sell theirs and buy another one.
This credit tops out at $6500.
For additional information on either of these programs call us at 417 967-2221. We'll be happy to explain the details.
The deadline is fast approaching so hurry!