First Time Home Buyer Tax Credit

If you’ve not owned a home in the past 3 years you can purchase one using a reverse mortgage AND participate with the tax credit as well. Here are some of the stipulations:

• the sale must take place by June 30, 2010 providing there is a binding sales contract on or before April 30, 2010.
• the tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

If you’ve owned a home during the past three years you can still paticipate but the credit is reduced to $6,500.

There are income limits that need to be reviewed.

Call with further questions

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