KNOW THE FACTS!
To qualify for the first-time home buyer tax credit and repeat buyer credit you must have a WRITTEN AND EXECUTED CONTRACT by April 30th with the closing scheduled by July 1st. That means that short sales and foreclosed homes WILL NOT WORK – you are running out of time.
The maximum allowable credit for first-time homebuyers is $8,000 with repeat buyers getting $6,500.
The property must be your PRIMARY RESIDENCE, in other words…you main home.
Your income can not exceed $125,000 for individuals or $225,000 for joint filers. Those with higher income do NOT qualify.
Call me for more details but whatever you do, don’t wait – I’m not sure if Congress will extend this tax credit again.