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If you have a newly acquired home, whether you paid Cash for this property or received new financing, if you go to re-sell this property the new potential buyer cannot recieve financing unless you have held this home for a minimum of 91 days. For more information leave a comment or email me at LaDonnaHomes@gmail.com
Tax Credit - Is now available for your 2008 or 2009 tax returns. A First Time Homebuyer is defined as someone who has not purchased a primary residence within the last three years. The tax credit is available for individuals who earn $75,000 or less and joint filers who earn $150,000 or less. This tax credit is equal to 10% of the purchase price up to $80,000 or a maximum tax credit of $8,000. The Homebuyer must remain in the home for 3 years to keep the full rebate and unlike last years tax credit does not have to be paid back!
