.... plus $8,000 or $6,500

in FREE money to those who qualify!

The 2009 -2010 IRS HomeBuyer Credit is very similar to the 2009 Tax Credit, but it was expanded to include repeat HomeBuyers. 

The latest Tax Credit does not have to be re-paid as long as you live in the home you purchase for the next 3 years.

It's good only from:

November 6 2009 - April 30 2010

WASHINGTON — The Internal Revenue Service announced that qualifying taxpayers who have a written contract before April 30 2010 (and close on the house before July 1 2010) can get the credit:

First Time HomeBuyers

10% of the purchase price - up to $8,000 (or $4,000 for married filing separately) *

Repeat HomeBuyers

10% of the purchase price - up to $6,500 (or $3,250 for married filing separately) *

* For purposes of the credit, you are considered to be a first-time HomeBuyer if you (and your spouse if you are married) did not own any other main home during the three-year period ending on the date of purchase.  You qualify for the $6,500 credit only if you occupied your current home as primary residence for at least 5 out of the last 8 years.  

Qualifying taxpayers can claim the credit on either their 2009 or 2010 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is between $125,000 - $145,000, or between $225,000 - $245,000 per year for joint filers.  

the same info straight from the IRS http://www.irs.gov/newsroom/article/0,,id=204671,00.html

The IRS tax form 5405 -    virtualoffice_files//Credit-Form-5405-1.pdf 

Michael Malak             Option Realty Group         Naperville IL                630-788-5770