American Recovery and Reinvestment Act of 2009, Homebuyer Tax Credit Provision.

**Extended to April 30, 2010**

• The new credit is an $8,000 (or up to 10% of the purchase price) refundable tax credit;
• First Time Home Buyer (defined as someone who did not own another primary residence at any time during the three years prior to the current date of purchase);
• The home must be the principal residence;
• The home must be in the United States;
• Vacation homes and rental properties are not eligible;
• Home must be under contract by April 30, 2010 and title closed by June 30, 2010
• The home must be owned and occupied for at least three years. If the home is sold prior to three years of ownership, the tax credit must be repaid;
• Income limits: Tax credit is not available to joint filers with a Modified Adjusted Gross Income (MAGI) above $225,000 and for singles with a MAGI above $125,000. Phase outs begins at $205,000 and $105,000 respectively;
• Not available if home is purchased from a close relative;
• Not available to nonresident aliens;
• Purchasers who bought prior to 1/1/2009 are still subject to the terms of the repayable credit.
• Tax credit provision of this law effective as of January 1, 2009; date of termination is April 30, 2010.
• A $6,500 credit has been added for "Move Up" buyers who have occupied their homes for at least 5 years.

If you are ready to take advantage of this limited offer by the Federal Government (expires 04/30/2010) then give us a call and together we can start you on the path to Home Ownership!

Jean-Marie and Jim