It's
the opportunity of a lifetime.
The
federal home buyer tax credit has been extended and expanded! Qualified
first-time home buyers - who have not owned their principal residence in the
past three years - may be eligible for a tax credit of up to $8,000. And
repeat buyers may be eligible for up to $6,500. These resources can help you
find out if you qualify to take advantage of this great home buyer benefit.
Some states even have tax credit loan programs to help with down payment or
closing costs.
$8,000
First-time Home Buyer Tax Credit at a Glance
·
The $8,000 tax credit is for first-time home buyers
only. For the tax credit program, the IRS defines a first-time home buyer as
someone who has not owned a principal residence during the three-year period
prior to the purchase.
·
The tax credit does not 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.
·
The tax credit is equal to 10 percent of the
home's purchase price up to a maximum of $8,000.
·
The tax credit applies only to homes priced at
$800,000 or less.
·
The tax credit now applies to sales occurring
on or after January 1, 2009 and on or before April 30, 2010. However, in
cases where a binding sales contract is signed by April 30, 2010, a home
purchase completed by June 30, 2010 will qualify.
·
For homes purchased on or after January 1,
2009 and on or before November 6, 2009, the income limits are $75,000 for
single taxpayers and $150,000 for married couples filing jointly.
·
For homes purchased after November 6, 2009 and
on or before April 30, 2010, single taxpayers with incomes up to $125,000 and
married couples with incomes up to $225,000 qualify for the full tax credit..
NOL
Carryback
·
Five year carryback
for NOLs in either 2008 OR 2009, not both;
·
Years 1-4 allow for 100 percent use of NOLs, year 5 is limited to 50 percent of a company's
taxable income in that year;
·
No size limitation or other cap on revenues;
and
·
Unused NOLs in year
5 are still eligible for 20 year carry forward.
For
more information go to
www.federalhousingtaxcredit.com
NIFA program for revised Federal tax credit
NIFA
would like to share with you news of the release of an exciting new homebuyer
program - the Advanced Buyer Credit-2 (ABC-2) Loan Program.
A
few highlights:
·
The program is designed to help borrowers take
advantage of the Federal Homebuyer Tax Credit at the closing of their home
loan, instead of waiting for several months after closing to receive the tax
refund. NIFA advances a portion of the homebuyer's expected tax credit
refund at closing.
·
An incentive check of $500 will be paid by
NIFA to borrowers who pay off their ABC-2 second mortgage loan within 180
days of receiving their tax refund.
·
New and different than last year's ABC
program: the ability for non first-time homebuyers to use the ABC-2 program
if they qualify and buy in a federally-designated target area of Nebraska
(maps attached).
·
NIFA had a great response to the original ABC
Loan Program that was released last June.
For
more information go to www.nifa.org
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