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Homebuyer Tax Credit
On Nov. 6, 2009, Congress extended and expanded the “First Time Homebuyer” tax credit. Under the new law:
- Buyers of a primary residence who have not owned their primary residence in the past three years are eligible for a tax credit of 10% of the purchase price up to a maximum of $8,000.
- Long-time homeowners who buy a replacement principal residence may claim a tax credit of up to $6,500 (up to $3,250 for a married individual filing separately). To qualify, they must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
- Eligible taxpayers must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
- For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
- The credit phases out for individual taxpayers with adjusted gross income between $125,000 and $145,000 and for joint filers with adjusted gross income between $225,000 and $245,000.
Consult your tax advisor for information relating to your specific circumstance.
As a direct lender, AimLoan.com can close a purchase transaction in as few as 10 days so you still have time to take advantage of this tax credit!
It is important to know how much you qualify for before you begin your home search. Complete our user-friendly Online Application anytime 24/7. Your application will be instantly run through our Automated Underwriting System and a Free Online Pre-Approval will be issued. Upon receipt of your supporting documentation (paystubs, bank statement, etc.), we will underwrite the loan and issue a Loan Commitment Letter. Our Pre-Approvals and Loan Commitment Letters are free of charge and no advance deposit is required. You are under no obligation to obtain a mortgage from our company.
APPLY NOW FOR PRE-APPROVAL AND LOAN COMMITMENT LETTER
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