Wednesday, March 24, 2010

Buying First Home and Homebuyer Tax Credit

Owning a home is a dream to one and all. We have been renting our place for a couple of years now and we are dreaming of someday owning a place where we can call our own. I always dream that when the time comes that we will buy a house, I want one with a big kitchen with plenty of cabinets and space in the kitchen. The kitchen is my personal place as I love cooking, that is why if we buy a home it should have a beautiful and spacious kitchen.

With the help of the government, owning a home is now reachable. There is a government program which will give 2010 Homebuyer Tax Credits to First-time home buyers purchasing any kind of home—new or resale. So buying first home will allow you to get up to $8,000 of tax credits. The program also allows homeowners who have lived in a current home consecutively for 5 of the past 8 years to receive up to a $6,500 tax credit if they will purchase a new home. These program is for limited time only. You should have a binding written contract by April 30, 2010 and should be close by June 30, 2010 to avail of the tax credits. There is also an income limit to qualify for the tax credit. Income limits are now $125,000 for singles, $225,000 for married couples.

With the requirements listed above, we qualified for this deal. You too may qualify for this deal. If you are, you may contact Coldwell Banker for specific information or individual concerns. They will gladly help you in your real estate needs.

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