Tax Credit Information
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Stimulus Package: First Time Home Buyer Tax Credit
Many first time buyers, or people who have not owned a home in the past 36 months, now have an opportunity to purchase their first Vermont home with the First Time Home Buyer Tax Credit included in the federal Stimulus Package. The credit applies to homes that are under contract by April 30, 2010 and close prior to July 1, 2010. If you want to take advantage of this great opportunity it's best to get started now because inventory is at its best now and time has a way of catching up with us.
With increased inventory, historically low mortgage interest rates, and now an $8000 tax credit - a first home is within reach for many first time buyers.
An important change to the Tax Credit that was extended in November of '09 is that it was expanded to offer most homebuyers with a $6,500 credit as long as a previously owned property was resided in as their primary residence for five consecutive years within the past eight. For example, if you still own a property that you vacated two years ago (say January '08) but lived in it from December of 2002 through the end of 2007, you likely qualify for the tax credit. As always, I recommend that you seek the advice of a tax lawyer or accountant to review your specific circumstances to determine qualification.
The wonderful thing about this opportunity is that it won't only benefit first-time buyers. If you have a home to sell and would like to move up, this opens the door for you too. The quicker you can sell your home, the faster you can make that move to your dream home. Call me today at 802-846-9507 and we'll get started.
Do you qualify for the First Time Home Buyer Tax Credit included in the Stimulus Package?
· The U.S. Dept of Treasury has set up a great site to help you determine if your eligible for this tax credit. Check out makinghomeaffordable.gov
· WCAX-TV helps explain how the First Time Home Buyer Tax Credit can benefit you when purchasing your first Vermont home
· The National Association of Home Builders has provided a list of frequently asked questions related to the $8000 First Time Home Buyer Tax Credit
· Use this chart to understand the difference between the previous $7500 tax credit and the current $8000 tax credit passed by Congress
