| The Agency Realty 101 S. Main Street Nashville, AR 71852 870-845-1011 or 870-845-6100 Email: billfritts@theagencyrealty.net |
| The Mortgage Bank 101 S. Main Street Nashville, AR 71852 870-845-6100 or 870-845-1011 |
| 2010 Homebuyers Tax Credit at a glance |
Arkansas License # 41621
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The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax
credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It
also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Following is a
listing of some of the program highlights.
$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, the IRS
defines a first-time home buyer as 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.
The tax credit is equal to 10 percent 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.
The tax credit now applies to sales occurring on or after January 1, 2009 and or before April
30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a
home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the
income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
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.
The tax credit is equal to 10 percent 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.
The credit is available for homes purchased after November 6, 2009 and on or before April 30,
2010. However, in cases where a binding sales contract is signed by May 1, 2010, the home
purchase qualifies provided it is completed prior to July 1, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to
$225,000 qualify for the full tax credit.
To learn more about the tax credit visit the following web site http://www.
federalhousingtaxcredit.com/ or give me a call at 870-845-6100.
credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It
also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Following is a
listing of some of the program highlights.
$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, the IRS
defines a first-time home buyer as 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.
The tax credit is equal to 10 percent 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.
The tax credit now applies to sales occurring on or after January 1, 2009 and or before April
30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a
home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the
income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
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.
The tax credit is equal to 10 percent 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.
The credit is available for homes purchased after November 6, 2009 and on or before April 30,
2010. However, in cases where a binding sales contract is signed by May 1, 2010, the home
purchase qualifies provided it is completed prior to July 1, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to
$225,000 qualify for the full tax credit.
To learn more about the tax credit visit the following web site http://www.
federalhousingtaxcredit.com/ or give me a call at 870-845-6100.