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Time Running Out on Tax Credit

You’ve only got a few weeks left to take advantage of the federal tax credits for home buyers. 

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.

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