Lending

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TAX CREDIT EXTENSION DETAILS

  

For more information about the Homebuyer Tax Credit extension please visit this page for additional details and materials

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 The deadline is fast approaching. If you're in the market for a new home and are hoping to take advantage of the tax credit, here's what you need to know:

 

1. To qualify, first-time and repeat buyers must enter into a written binding contract by April 30, 2010 and close by June 30, 2010.

 

2. You qualify as a first-time homebuyer if you (and your spouse, if married) have not owned a primary residence for a 3-year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit.

 

3. Buyers qualify for the repeat buyer credit if they have lived in their primary residence for five consecutive years of the past eight years. A primary residence is generally regarded as the residence where an individual spends most

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$8,000 First Time Home Buyer Tax Credit

$8,000 First Time Home Buyer Tax Creditjcredit_311As many people are aware, there is an $8,000 first time home buyer tax credit available. That in conjunction with low interest rates and the incredible affordability of entry level homes in today's market makes it a great time to buy.

General Information on the Tax Credit Program:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The credit is available for homes…
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