Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose Top Experts for your property in Wilmington, Newark and Greenville. 
FIRST TIME HOME BUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act The $8,000 First-time Home Buyer Tax Credit at a Glance (view PDF)
•The $8,000 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 unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.•The Tax credit is equal to 10% of the homes purchase price up to a maximum of $8,000. •The Tax Credit applies only to homes priced at $800,000 or less.•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. •For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.•For homes purchases after November 6, 2009, and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance (view PDF)
•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for 5 consecutive years out of the last 8 years. •The tax credit does not have to repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.•The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500. •The tax credit applies only to homes priced at $800,000 or less.•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010 the home purchase qualifies provided it is completed by June 30, 2010. •Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for a full tax credit  You might be somewhat intimidated by the whole process of buying your first home. As top Wilmington, Newark and Greenville real estate experts, it's our job to guide you, from beginning to end. We can assist you also with homes in the surrounding areas of Delaware, Pennsylvania and Maryland. We will take the time to go through each and every step of the buying process. There are no dumb questions! Together, we will consider: - How much can you really afford? - How to qualify for a mortgage. - How much cash you should put down. - How to buy a home with little or nothing down. - What it takes to get approved for financing. What banks and other financial institutions are looking for. - How much your payments will be. - The tax advantages of buying. - Is renting or buying better for you? Tell us a bit about your situation below. We'll get right back to you. There is absolutely no charge, and we offer this to you with no strings attached. New to the home buying process? Tell us your concerns. Ask us questions. It's our job to help! There's no obligation, and we promise to get back to you quickly... |
First Time Buyers >Locate Your Lifestyle
If you are looking for a new home, it is important to communicate with your real estate agent about any special aspects of your lifestyle that will influence your choice. This information will help your agent to locate the perfect home for you and your family.
Are you a gourmet cook who loves giving lots of parties? Do you want space to accommodate hobbies such as painting, photography, or woodworking? Will your decision be influenced by the accessibility of a community gym, a golf course or tennis courts? Does your son need space to rehearse with his rock band? Do you need a home office? Are you planning to enlarge your family? Is there someone in your household who cannot climb stairs?
Knowing the significant factors that will influence your housing decision helps the agent to narrow the selection of homes on the market.
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Where is the world's largest bridge located?
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Lake Pontchartrain Causeway at New Orleans, Louisiana is the world's largest bridge. It is almost 24 miles long. |
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