April 30 is the deadline for both the $8,000 first-time home buyer credit, and the $6,500 existing homeowner credit. You can take until June 30th to close, as long as you have a signed contract by the end of April.
Who qualifies for these tax credits?
For the $8,000 tax credit, you must be a first time home buyer or you haven’t owned a principal residence during the past three years.
For the $6,500 tax credit, you must have owned and resided in the same home for at least five consecutive years.
The income qualifications are the same for both tax credits:
You qualify as a married couple filing jointly if your modified adjusted gross income (MAGI) is less than $225,000. If you are a single person, your modified adjusted gross income (MAGI) must be less than $125,000. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits of $145,000 (single) or $245,000 (married).
This is a golden opportunity for prospective home buyers to make a deal, especially since mortgage interest rates are still at low levels.
If you’re in the Dallas-Fort Worth area and want to find out more about how you can use these tax credits to buy your new home, contact Tanya Smith anytime by phone at 214-707-0347 or just click on our LIVE CHAT feature throughout the Landon Homes website for speedy answers to all your questions.