College Station Real Estate - 3700 Westfield
In searching for our new home in College Station, one thing we learned quickly when we started talking with our College Station Realtor, Gordon LeBleu, is that we just might qualify for the Homebuyer’s credit on the purchase of our new College Station Home. This amazed us as we were not expecting to qualify as we already own a home. We thought the Homebuyers Credit was for new homeowners.
Not true. If you are a current homeowner, you can qualify too. Here are the qualifications for the Homebuyers Credit for College Station Real Estate:
Current Home Owners:
1. You must have owned a home for 5 consecutive years out of the prior eight years.
2. This is a tax credit for $6,500, you don’t get the money on closing. This means you’ll have to file an addendum to get the money.
First Time Homebuyers:
1. You must be a first time home buyer, meaning you have never owned a home. This applies for your spouse as well. If either of you have owned a home, then you will have to qualify for the above Current Home Owners credit..
2. This is a tax credit for $8,000, you don’t get the money on closing. This means you’ll have to file an addendum to get the money.
For All Home Buyers:
1. You must have a sales contract signed by April 30,2010.
2. Your closing date must be completed by June 30, 2010.
3. To qualify, your income must be within the following limits:
a. Individual – less than $125,000
b. Married Couples – less than $225,000
4. Homes that are priced above $800,000 don’t qualify.
5. Neither of the tax credits have to be repaid unless you sell the house in three years.
That’s it! If you have any questions on how to quality for the homebuyer’s credit for College Station Real Estate, see the links below.
Disclaimer – in no way am I an expert in taxes or real estate law. Please research it for yourself on the following sites and talk with your College Station Realtor about the Homebuyer credit and College Station Real Estate.
Further Reading:
http://www.federalhousingtaxcredit.com
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