First-time Homebuyer Tax Credit

Program highlights

Available now for eligible repeat buyers as well as first-time homebuyers.

Congress has passed an extension to the 2009 First-Time Homebuyer Credit, effective November 7, 2009, expanding the eligibility requirements to include more prospective homebuyers.

To take advantage of the revised tax credit, customers must sign a purchase agreement by April 30, 2010 and close by June 30, 2010. Program highlights include:

First-time homebuyers—may receive a tax credit of up to $8,000
Repear buyers—may be eligible for a tax credit of up to $6,500, provided they have owned and lived in their home consecutively for at least five of the previous eight years
Annual income limits—are expanded to $125,000 for individuals and $225,000 for couples filing jointly; individuals with incomes of up to $145,000 and joint filers with incomes up to $245,000 may qualify for partial credit
Eligible properties—homes used as a principal residence, including condos, co-ops and townhomes
New—anti–fraud limitations are included

See below for a comparison chart showing the differences between the 2009 First–Time Homebuyer Tax Credit and the revised homebuyer tax credit.

ERA Mortgage is ready to help you take advantage of the revised tax credit. Now is the ideal time to contact us to learn more about affordable home financing options. We give customers a free, same–day lon decision, guaranteed–and a smooth and easy mortgage experience.

Please contact your local Mortgage Advisor for more details about the features and benefits of the homebuyer tax credit.

Feature Available Tax Credits	Jan. 1 - Nov. 30, 2009 Rules as Exacted February 2009	Nov. 7 - Apr. 30, 2010 Rules as Enacted November 2009
First time Home Buyer Tax Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer – Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner – Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date – Current Owner	No Provision	Date of Enactment – November 7, 2009
Current Homeowner – Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Tax Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment – November 7, 2009)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the buyer would have to close on the purchase by July 1, 2010
Income Limits (Note: Increased income limits are effective as of date of enactment of bill – November 6, 2009)	$75,000 – single $150,000 – married Additional $20,000 phase out	$125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective Date of Enactment – November 7, 2009
Purchase by a Dependent	No Provision	Ineligible Effective Date of Enactment – November 7, 2009
Antifraud Rule	None	Purchaser must attach documentation of purchase to tax return

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