Home Buyer Tax Credits

First Time Home Buyer, $8,000 credit (expired 4-30-2010, word is it maybe extended soon, this was written 6-23-2010)

¨     No home ownership in last 3 years, all parties to contract must qualify (date of sale to date of purchase)

¨     Income individual to not exceed $125,000, joint $225,000 (increase of $50,000 individual and $150,000 joint from previous limits)

¨     Purchase must be between Jan, 1, 2009 & April 30, 2010

Repeat Home Buyer, $6,500 credit

¨     Owned a home for 5 consecutive years out of the last 8 years

¨     Home purchased does not have to be more expensive

¨     Purchase must be between Nov. 6, 2009 & April 30, 2010

¨     Income individual to not exceed $125,000, joint $225,000

This program is part of the IRS code and for questions and answers go to irs.gov or federalhousingtaxcredit.com by the Home Builders Association.  As in all tax programs the IRS is the final arbitrator and Affordable Brokerage Company and Don Stark make no representation as to the guarantee of a home buyer receiving any tax advantage.