Looking to buy your first home? Maybe you already own a home in Ann Arbor and are thinking this might be the year to sell and move into a new home? There’s still time to benefit from federal tax credits for qualified home buyers…but the programs will be ending soon.
Ann Arbor First Time Home Buyers – Now’s the Time!
If you’ve been considering buying your first home in Ann Arbor, time is running out to benefit from the extended $8,000 First-Time Home Buyer tax credit! Qualified first-time home buyers can receive up to $8,000 in tax credits when purchasing a principal residence in Ann Arbor. But buyers only have until April 30, 2010 to get a signed sales contract in place and closing must happen by June 30, 2010.
New income limits apply now, as well: The extended & updated Worker, Homeownership, and Business Assistance Act of 2009 now has income limits of $125,000 for single taxpayers while married couples filing joint returns have a limit of $225,000. These are significant increases from the program’s original income limits of $75,000 and $150,000 for single and married taxpayers, respectively.
But What If I Already Own a Home in Ann Arbor?
Great news – there’s a tax credit available to you, too! Existing home owners aren’t being left out of the revised Worker, Homeownership, and Business Assistance Act of 2009. Qualified existing home owners can receive up to $6,500 in tax credits if they opt to buy a new principal residence on or before April 30. Again, the signed contract must be in place by this date and the closing must happen by June 30.
To find out how you can benefit from either of these substantial tax credits before they expire, give me a call at (734) 761-3060 – I’d be happy to talk to you about it and answer any questions you have about buying your first or next Ann Arbor home!
Until Next Time-