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Find Out How To Get An $8,000.00 Check Mailed To You!

FIRST TIME HOME BUYER TAX CREDIT
QUICK FACTS AND 2008 TAX REFUND OPPORTUNITIES

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A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2009. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

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A first time homebuyer is defined as someone who has not owned a principal residence during the three years prior to the purchase.

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A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

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Home purchases in 2010 may be claimed on an amended 2009 income tax return.

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You can take advantage of the Tax Credit if:

-	Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
-	The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
-	Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
-	You should consult with a tax professional to determine how best to take advantage of the Tax Credit relative to your personal situation.

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Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

FIRST TIME HOME BUYER RESOURCES

There’s a lot of expert advice online to help you navigate your home buying experience. Check out some of these online resources to make your process smoother.

First-Time Home Buyer Tax Credit information from the IRS.
Buying and Owning a HomeFreddie Mac
Buying a Home Department of Housing and Urban Development
The Home Buying Process Federal Housing Administration
FHA Loans Federal Housing Administration
Homeownership Resources Fannie Mae
Home Loan Learning Center Mortgage Bankers Association
Home Loan Guaranty Services Dept. of Veterans Affairs

When you’re ready to take the next step, leverage your purchasing power by calling on our experienced Buyer’s Agent to represent your interests. Having representation doesn’t cost you, but not having it will.

Tri County Residential Group
7828 N. Haven Ave • Rancho Cucamonga, CA 91730
Office: (909) 476-9600 •

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