What an incredible opportunity for first-time & repeat home buyers in Chattanooga!
In addition to a huge selection of homes to choose from here in the Chattanooga area, and near-record low interest rates on solid, 30-year fixed rate mortgages, and far more affordable prices, first-time homebuyers now have the added incentive of a $8,000 federal income tax credit to help them buy their first home! There is also a $6,500 federal income tax credit for all homebuyers with the condition that you have owned your current home for 5 years. What a great time to "downsize" or "move up"!
Call 423-424-8749 or write us, jwishmyer@realtycenter.com today and we will send you the form necessary for filing. Here are some questions and answers that will help you determine if you are eligible:
$8,000 First-time Home Buyer Tax Credit at a Glance
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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.
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The tax credit does not have to be repaid.
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The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
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The tax credit applies only to homes priced at $800,000 or less.
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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.
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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.
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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.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
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To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
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The tax credit does not have to be repaid.
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The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
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The tax credit applies only to homes priced at $800,000 or less.
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The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
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Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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