Federal Tax Credit Has Been Extended and Expanded

Many home buyers – not just first-timers – can now get up to $8,000 credit if they buy by April 30, 2010. The qualifying income limits have also increased so more people are eligible. As long as you stay in the home for at least 3 years, you don’t have to pay it back.

First-Time Home Buyers: $8,000 Tax Credit

First-time home buyers (anyone who has not owned a home in the last three years) are eligible for up to an $8,000 tax credit.

• Tax credit does not require repayment
• Up to $8,000 credit is available to couples with gross income of less than $225,000 and individuals making less than $125,000
• Reduced credit is available to couples earning up to $245,000 and individuals earning up to $145,000
• Almost any type of home that is your primary residence and costs at least $80,000 can qualify
• You must secure a binding contract by April 30, 2010, allowing 60 days to close

Qualified Homeowners: $6,500 Tax Credit

Homeowners (those who have lived in their current home for at least five consecutive years in the past eight) may be eligible for up to a $6,500 tax credit to buy a home.

• Tax credit does not require repayment
• Up to $6,500 credit is available to couples with gross income of less than $225,000 and individuals making less than $125,000
• Reduced credit is available to couples earning up to $245,000 and individuals earning up to $145,000
• You can buy any type of principal residence where the price does not exceed $800,000
• You must secure a binding contract by April 30, 2010, allowing 60 days to close

Need more incentive to purchase a home?

Consider this: today's historically low interest rates give you greater purchasing power. When interest rates go up just one or two percent, your purchasing power drops by as much as $100,000.

Why choose Mortgage Advisory Group?

Mortgages are very complex financial transactions that have a huge impact on your financial future. We believe that when you have the correct financial analysis, you will make a better decision regarding your mortgage. We're here to help you with that financial analysis.