Only 43 Days Left......

ATTENTION ALL FIRST TIME HOME BUYERS AND CURRENT HOMEOWNERS!! The countdown has begun! There are only 43 days left for you to take advantage of the Federal Housing Tax Credits! Below is a breakdown of the two tax credits:

FIRST TIME HOME BUYER
* $8,000 Tax Credit
* Never have owned a property or have not owned a property in the past 3 years
* Single income limit less than $125K. Couples income limit less than $225K.
* The deadline to qualify for the tax credit is April 30, 2010. You must be under contract by this time but do not have to settle on your new property until June 30, 2010.
* Must be primary residence.
* Must live in the property for at least 3 years in order to not have to repay the credit.
* Tax credit is received when you file your 2010 taxes. The $8K will be credited to your taxes, so for example, if you owe $2,000 then you will receive $6,000 ($8,000 - $2,000). $4,000 to each if married and filing separately.


CURRENT HOMEOWNERS
* $6,500 Tax Credit
* Have owned your primary residence for 5 out of the last 8 years.
* Single income limit less than $125K. Couples income limit less than $225K.
* The deadline to qualify for the tax credit is April 30, 2010. You must be under contract by this time but do not have to settle on your new property until June 30, 2010.
* Must be primary residence.
* Must live in the property for at least 3 years in order to not have to repay the credit.
* Do not have to sell current property (Unless required in order to qualify for loan)
* New property does not have to cost more than current property.
* Tax credit is received when you file your 2010 taxes. The $6,500 will be credited to your taxes, so for example, if you owe $2,500 then you will receive $4,000 ($6,500 - $2,500). $3,250 to each if married and filing separately.


SPECIAL FYI'S AND TIPS
* Partial credits are available for those singles whose income levels are between $125,000 and $145,000 and for those couples whose income levels are between $225,000 and $245,000
* People in the military on extended leave from the U.S. for more than 90 days have until June 2011 to buy a house and claim the tax credit.
* If you bought your house in 2010 before April 15, 2010 you can claim your tax credit on your 2009 tax credit. You can also file an amended 2009 tax return to claim your credit.
* For couples, if only one of you qualify for either tax credit then have that person be the sole borrower for the new property. That way you qualify for the tax credit. You can still have the other person's name on the deed. Also, if you are a married couple you can both receive the tax credit if taxes are filed jointly. However, loan qualifications may be an implication since it will be solely based on that one person's income, credit, etc.


Again, you only have 43 days to take advantage of these tax credits. There is currently no talk of the government extending the tax credit again for the third time. Although, it has helped the market people feel that the tax credit has taken it's course and should not be extended.

$1500 Energy Tax Credit

With the housing market being down and home prices dropping historically homeowners are finding themselves in a position where they are unable to sell. Therefore, many homeowners, like myself, instead are making repairs and renovations to their home. If you are thinking about replacing your windows, doors, HVAC, hot water heater, roof, or insulation now is the time due to the $1,500 Federal Energy Tax Credit. If you make any of these qualified energy efficient repairs and/or upgrades during the year 2010 you can receive up to 30% energy savings (maximum $1,500). Not only will you receive an energy tax credit on your 2010 taxes but you will also be saving on your monthly utility bills.