First-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. But this opportunity ends in April.
Until April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.
First-time homebuyers may receive a credit of 10 percent of the purchase price, up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principal residence in the last three years, you are considered a first-time homebuyer.
For home-owners, a tax credit of $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years. Homebuyers can also receive a 10 percent credit up to $6,500 when they contract to purchase a home between now and April 30, 2010, provided they close no more than 60 days after this deadline.
The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.
To look at homes in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc today. To look at homes, check out home listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private showing today.