$8,000 Home Buyer Tax Credit for First Time Home Buyers
Qualified first time home buyers purchasing a principal residence by July 1, 2010, can claim a credit worth $8,000 - or 10% of the home's value, whichever is less.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision.
For more information about this tax credit, contact experienced Pinal County Arizona mortgage loan officer, Luisa Han at 877-538-9833, who assists Arizona home buyers in obtaining the mortgage best suited for their needs.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision.For more information about this tax credit, contact experienced Pinal County Arizona mortgage loan officer, Luisa Han at 877-538-9833, who assists Arizona home buyers in obtaining the mortgage best suited for their needs.
$6,500 Home Buyer Tax Credit for Repeat Home / Move-Up Buyers
Qualified repeat / move-up home buyers purchasing a principal residence by June 30, 2010, can claim a credit worth $6,500 - or 10% of the home's value, whichever is less.
An eligible, tax credit move-up home buyer is one who has owned and resided in the same home for a minimum of five consecutive years out of the eight years prior to the proposed home's date of purchase. For married couples, homeownership history of both the home buyer and his or her spouse must meet these requirements as well. Repeat home buyers need not purchase a home that is more expensive than their prior home in order to qualify for the home buyer tax credit.
Homes purchased for sales prices exceeding $800,000 are ineligible for the home buyer tax credit.
For more information about this tax credit, contact experienced Pinal County Arizona mortgage loan officer, Luisa Han at 877-538-9833.
An eligible, tax credit move-up home buyer is one who has owned and resided in the same home for a minimum of five consecutive years out of the eight years prior to the proposed home's date of purchase. For married couples, homeownership history of both the home buyer and his or her spouse must meet these requirements as well. Repeat home buyers need not purchase a home that is more expensive than their prior home in order to qualify for the home buyer tax credit.
Homes purchased for sales prices exceeding $800,000 are ineligible for the home buyer tax credit.
For more information about this tax credit, contact experienced Pinal County Arizona mortgage loan officer, Luisa Han at 877-538-9833.
New $100 down payment FHA & HUD home buyer incentives makes homeownership more affordable. 
The FHA 203k mortgage can be used for the rehabilitation and repair of 1-4 Family, owner occupied, properties.
Did you know there are still some great mortgage programs available to first time home buyers?