Any home over $80,000 qualifies for the full tax credit. Homes under $80,000 qualify for a credit of 10% of the purchase price (E.G. $65,000 home qualifies for a $6500 tax credit).
To qualify for the credit the purchaser & the purchaser's spouse must be first-time home buyers.
Any single person who makes less than $75,000/per year ($150,000 for a married couple) qualifies for the full credit. The credit phases out at higher income levels.
The tax credit does not need to be repaid provided the buyer does not sell the home within 3 years.
Though there was much talk, this tax credit cannot currently be used as a downpayment.
The 2009 $8000 tax credit expires on December 1, 2009. To qualify for the credit the real estate transaction must go to closing prior to the December 1 deadline.If you are ready to purchase a home in Maryland give me a call.
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!