RECEIVE TAX CREDIT OF $8,000 or $6,500!

• Congress has extended the Home Buyer Tax Credit and made changes effective November 6, 2009!
• A tax credit of up to $8,000 is now available for qualified "first time" homebuyers purchasing a principal residence.
• And a tax credit of up to $6,500 is now available for qualified "repeat" homebuyers purchasing a principal residence.
• The new Tax Credit is for home purchases November 6, 2009 through April 30, 2010, and they must close by June 30, 2010.
• This Tax Credit does not have to be repaid as long as homebuyers use the residence as a principal residence for at least three years.
• "First Time" homebuyer is defined as not having owned a principal residence during the past three years.
• "Repeat" homebuyer is defined as owned and lived in their previous home for five consecutive years out of the last eight years.
• Home purchase price must be $800,000 or less.
• Reduces income tax liability for the year of purchase. Claimed on tax return (e.g. if your tax return refund was going to be $500, your refund would be increased by the $8,000/$6,500 amount to $8,500 or $7,000).
• Income qualifications have increased: to qualify for the maximum credit, your modified adjusted gross income may not exceed $125,000 for a single person or $225,000 for a married couple.