There is a SPECIAL FIRST TIME HOME BUYER TAX CREDIT AVAILABLE of up to $8000 & A Newly Added EXISTING HOME BUYER CREDIT OF $6500.!
IF YOU'VE OWNED AN EXISTING HOME IN THE LAST 5 YEARS YOU MAY QUALIFY. You MUST buy by April 30th, 2010!
The NEW $8000 and $6500 tax credits are BOTH calculated on a percentage basis of the new sales price. You get the lesser of 10% of the sale price or the maximum credit-whichever is LESS. This credit requires NO PAYBACK unless you sell the home within three years. There may be ADDITIONAL local Minnesota county or city based tax credits or incentives as well as this Federal tax credit for buying a home. Programs are always coming and going, so CALL US. Any ADDITIONAL programs may or may not be able to be coordinated with your purchase. Tax rules and regulations are constantly changing.
Consider the following:
This is an actual TAX CREDIT-Not a tax deduction. Tax credits are a dollar for dollar reduction off your tax liability. You get the tax break in the year in which you've made your purchase.
Can't be used on Rental property. An acceleration or recapture of the Tax credit is due when the home is rented or sold within 3 years of your purchase.
Single family homes, Townhomes, and Condos are eligible types of properties for a principal residence with this program.
First Time buyers are defined as someone who hasn't owned a home within the past 3 year. An Existing Homeowner under this program is someone who has owned a home for more than 5 consecutive years out of the past 8 years.
Income restrictions DO apply. Max AGI of 125K for singles and 225K joint-with an additional 20K of phase outs above these caps.
So long as a written binding contract to purchase is in effect on April 30th, 2010, the purchaser will have until July 1st, 2010 to close. They have said these credits won't be extended again-buy NOW to get the credit.
Let us help you find and finance your minnesota home. We are based in the Twin Cities Minnesota and located in Edina MN. We KNOW this market and the programs that you can utilize to purchase a new home-whether they be FHA, VA, Conventional, Rural loan, or a special mortgage program for first time buyers.
Search the Twin Cities metro area online from our MLS linked website.
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This Website-www.firsttimebuyertaxcredit.net is owned and operated by Venture Development-a
Minnesota Mortgage broker providing mortgage loan financing. We are a private
company and not a government agency or the federal government. Begin your online mortgage application for a Minnesota home loan at http://www.VentureLoanApp.com
John Mazzara is a licensed Realtor and is affiliated with RE/MAX Associates Plus, 7300 France Ave S, Suite 410, Edina, MN 55435.
Each RE/MAX office is independently owned and operated. John has sold homes since 1986 in Edina and throughout the entire
Minneapolis/St. Paul Metro area. We have a lot of relocation resources for relocating to MN.
Search for Minnesota Homes via our online MLS search at
http://www.minneapolisstpaulhomes.com/ or
by phone at 952-929-2577.
NMLS # John Mazzara - 332556, Patti Mazzara- 333279 Venture Development State Of MN Originator License #20183304
