Charlotte Homes for Sale
Nina Hollander
(704)779-0813

If you are a first-time home buyer or a move-up/repeat home buyer the April 30th, 2010 deadline is looming for you to take advantage of the tax credits.

• $8,000 FIRST TIME HOME BUYER CREDIT DEADLINE:  You must be in contract by April 30th and close on your new home by June 30th, 2010. To be considered a first-time home buyer you can’t have owned a home in the past three years.
•  $6,500 MOVE-UP/REPEAT HOME BUYER CREDIT DEADLINE: You must be in contract by April 30th and close on your new home by June 30th, 2010. You must also have lived in your current home for 5 consecutive years out of the last 8 years.

$8,000 First-time Home Buyer Tax Credit at a Glance:

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, a first-time home buyer is 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 home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• For homes purchased 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:

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• 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 home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

There’s no indication that the current home buyer tax credit programs will be extended again. April 30th is just around the corner! Don’t delay if you are looking to buy a home. Lots of great homes are for sale in the Charlotte metro area. Contact us today to help you find your dream home by April 30th!

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