STOWE VERMONT - STOWE Homes and Real Estate For Sale

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Congress has extended and expanded the homebuyer tax credit. 

 

Effective December 1, 2009 - April 30, 2010:

 

First Time Buyer Home Credit Amount:  $8,000 ($4,000 married filing separate)

 

First Time Buyer Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase.

Current Homeowner - Amount of Credit: $6,500 ($3,250 married filing separate)

 

Current Homeowner Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

 

Termination of Credit: Purchases after April 30, 2010

 

Binding Contract Rule: So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

 

Income Limits:  $125,000 - single, and $225,000 - married

 

Limitation on Cost of Purchased Home: $800,000