If you haven't owned a home in 3 years you could qualify for the $8,000 New Home Tax Credit. Now is the perfect time to consider the purchase of a new home- there are many on the market to choose from at great prices.
The basic eligibility requirements for the credit are: the home must have been purchased on or after Jan. 1 and before Dec. 1, 2009; the buyer may not have owned a home in the three years prior to the purchase; and the buyer must have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers.
Two factors affect the amount of credit qualified buyers can claim: it can only be equal to 10 percent of the purchase price of the home, up to a maximum of $8,000; and it is reduced for buyers with a MAGI between $75,000 for single taxpayers ($150,000 for married filers) and the upper income limit.
Don't be intimidated by the requirements. Realtors are a wonderful source of information. So consider talking to your local real estate expert and begin the fun of searching for a new home for your family.
Call me - I'll can give you the contact information for friendly, professional realtors in the area who will be delighted to share their expertise. Nancy
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