Tax Credits for Buying First Home

Yesterday we took the kids to look at a couple homes in a newly developing neighborhood as we're hoping to move to a larger residence sometime soon. We are currently homeowners and didn't realize there were tax credits we actually qualified for, but were quickly set straight by the agent working in one of the model homes. lol Here's what we learned.... as homeowners who've been in the same home for at least 5 years, making under $125,000 or $225,000 collectively we are eligible for a $6,500 tax credit if we sign by April 30th and close by June 30th of this year. This particular builder will even match that credit. Wow! After our visit we found yet another builder offering the same matching incentive.

When Buying First Home or buying a home after 3 or more years of non-home ownership will give you an even sweeter credit. This is the tax credit I'd become more familiar with over the past few months via television news and Internet advertising.... if you're looking for you first home or haven't owned a home in 3 or more years you may qualify for an $8,000 tax credit! Once again, you'll need to sign no later than April 30th and you must close on your new home no later than June 30th. Time is of the essence since no extensions on this tax credit are in the planning. Hey and if you're shopping for a home in new construction, you might ask if they'll match this tax credit. Never hurts to ask!

By the way, when I say "new" home you do realize it doesn't have to be new construction?. This is what we're personally looking at, but so long as you fit into the required guidelines for approval so long as the home is new to you, it's all good!


Take a look at this video to learn more: