Colorado Dreams

One of my favorite lenders Jim Doyle of Lake Dillon Mortgage was kind enough to write this article for me.

The home buyer tax credit is still available both for first time buyers and move up buyers. Expansion of the income eligibility requirements enhances the opportunities. The extended deadline for qualifying home purchases means a buyer must enter into a binding contract by April 30, 2010 and the buyer has until June 30, 2010 to close on the purchase.

The maximum credit amount is $8,000 for a first-time home buyer — that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.

But wonderfully, the new law also provides an existing home owner the opportunity to get a purchase tax credit of up to $6,500. To qualify for the $6500, a buyer must have owned and used their primary home as a principal residence for at least five consecutive years of the last eight-year period. The new purchase can either be a move up or down in value from the current home.

The new law raises the income limits as well. The full credit will be available to taxpayers with modified adjusted gross incomes up to $225,000 for joint filers or $125,000 for a single filer. Those with higher incomes between $125,000 and $145,000 for single filers , or $225,000 and $245,000 for joint filers are eligible for a reduced credit.

Some restrictions include dependents are not eligible to claim the credit, a purchaser must be at least 18 years old and the home price must be less than $800,000.

The time frame is extended for members of the Armed Forces and certain federal employees serving outside the U.S.. They have an extra year to buy a principal residence in the U.S. and still qualify for the credit.

Jim’s contact info is: Jim Doyle Lake Dillon Mortgage Services Inc Dillon 970-468-5329 Denver 303-339-5155 Cell 303-668-2133 email Jim@DillonMortgage.com