2010 Homebuyer Tax Credit

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

Now when we bought our first house, the Homebuyer Tax credit wasn’t available, and then we moved into two more houses and somehow we always missed out. Well now there is a 2010 Homebuyer Tax Credits that is only going to be around for a few more months, with no future extensions. If you were considering moving, now is definitely the time to try, whether you are a new buyer or a seasoned home owner as there are credits available for both.

Homebuyer Program details:

• For first-time homebuyers, or those who have not owned a home in the last three years, can receive up to an $8000 tax credit.

• Homebuyers who have lived in their current home consecutively for 5 of the past 8 years can receive up to a $6500 tax credit when purchasing a home.

• Qualified homebuyers must have a written, binding contract by April 30, 2010 and close on the home by June 30, 2010.

• Income limits are now $1250,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

I was surprised to read that even homeowners who have lived in the same home for 5 consecutive years can receive a tax credit. It is a great incentive for homeowners to move-up or just change locations. I think it is definitely something to consider or look into!