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Florida home buyer tax credit

Update

The Government tax credit has ended except for certain members of the military. Even with the ending of the tax credit home buyers in the Central Florida market can continue to find amazing deals on great homes! Low prices, low rates and a huge supply of homes makes 2010 a great time to buy a home!

Florida residents who plan on purchasing a home in 2010 may qualify for a Florida home buyer tax credit being offered by the government for home buyers across the country for a limited time. As part of The Worker, Home ownership, and Business Assistance Act of 2009, long time home owners and first time home buyers who are under contract to purchase a home prior to April 31, 2010 are eligible.

There are additional qualifications that need to be met. The following are some of the additional qualifications that Florida buyers must meet to receive the long time and first time tax credit.

First Time Home Buyer

• To be considered a first time home buyer you cannot have owned a home during the 3 years prior to purchase date. 
• Income limit for single taxpayers is $125,000; the limit is $225,000 for married filing a joint return.

Long Time Home Buyer

• To be considered a long time home owner or repeat home buyer you must have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
• Income guidelines are the same

First time home buyers can qualify for 10% of the purchase price up to $8,000 and repeat home buyers can receive up to 10% of the purchase price up to $6500.

For additional information about the home buyer tax credit call me at 407-304-0255. I will explain the process, help you get pre-qualified and show you homes that you are interested in.