Extended housing tax credit gives you a reason to buy now!

Great news for homebuyers: The federal government has extended a tax credit of up to $8,000 for qualified homebuyers!* That combined with current low financing from HomeAmerican Mortgage** means there’s never been a better time to buy a new home!

Tax credit for first-time homebuyers
Qualified first-time buyers who contract on a home no later than April 30, 2010 and who close by June 30, 2010, may receive a tax credit of up to 10% of the purchase price of your new home (up to $8,000).

Tax credit now open to current homeowners
As part of the extension of the housing tax credit, qualified homeowners who contract on a home no later than April 30, 2010 and who close by June 30, 2010, may receive a tax credit of up to 10% of the purchase price of your new home (up to $6,500). To be eligible, at the time of purchase you must have owned and lived in your current principal residence for five consecutive years during the last eight years.

Other requirements for first-time and current homebuyers
This tax credit requires the purchase of a primary residence. Current or first-time homebuyers who take advantage of this credit are not required to pay it back if they stay in their new home more than three years. The income limitations for qualified buyers are $125,000 for individuals and $225,000 for joint filers; however, a partial credit may apply for purchasers with higher incomes. In addition, the purchase price of the home may not exceed $800,000. Other conditions and limitations apply to the tax credit, so contact a tax professional today to find out if you are eligible.

Low rates
It’s no secret that financing is lower than it has been. These incredible rates will not last forever. Homebuyers who want to enjoy the federal tax credit combined with great financing should act soon!

*This information is for general informative purposes only and does not constitute legal, tax, accounting, financial or other professional advice. Tax credit is subject to qualifications and limitations, homebuyers should contact a tax professional to discuss their particular circumstances and the applicability of the tax credit prior to making any purchase decision.