The deadline is looming, so get off the fence and take advantage of the new home tax credit!

DETAILS

• Must purchase a home between by April 30, 2010 and close by July 1, 2010.
  
• Applies to primary residences, including single-family homes, condos, townhomes, and co-ops. Vacation homes do NOT qualify for the tax credit.
  
• Income limits are now $125,000 for singles and $225,000 for married couples. Lesser credits are available for singles earning up to $145,000 and married couples earning up to $245,000.
  
• The allowable purchase price of the property is capped at $800,000.

 Specific to Move-Up Buyers

• Must have used the home they are selling as their primary residence for at least 5 consecutive years.

• The maximum allowable credit is $6,500, the total amount of which is determined based upon two factors: the purchase price of the home and the buyers' income.

Specific to First-Time Buyers

• Must not have owned a residence during the three years prior to the purchase.

• The maximum allowable credit is 10 percent of the purchase price, up to $8,000. The total amount is determined based upon two factors: the purchase price of the home and the buyers' income.

We can't emphasize strongly enough how important it is for you to take action now if you're thinking of purchasing a home and claiming YOUR tax credit. Please don't put it off till March or April. Call us today so we can help you get started!

602-595-8900

 Search here for Phoenix homes.

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