Ocala First Time Buyer Tax Credit Extended To Existing Homeowners
The First Time Buyer Tax Credit has been extended to April 30, 2010. There have also been some changes, the biggest being that the credit has been extended to existing home owners. I have created the chart below to show the differences between the current tax credit and the new one that just got signed into law.
First time buyers can also use their tax credit as part of their down payment. This is done by a bridge loan that you get through the State Housing Initiatives Program, better known as the SHIP program. Call or email me for contact info. It’s important to realize that there is both a city of Ocala and Marion County SHIP.
| FEATURE | JAN 1 to NOV 30, 2009 | DEC 1 2009 to APRIL 30, 2010 |
| FIRST TIME BUYER CREDIT | $8,000.00 | $8,000.00 |
| FIRST TIME BUYER ELIGIBILITY | CANNOT OWN A PRINCIPLE RESIDENCE IN LAST 3 YEARS | SAME |
| CURRENT HOMEOWNER CREDIT | NONE | $6,500.00 |
| CURRENT HOMEOWNER ELIGIBILITY | NONE | HOME THAT WAS SOLD OR BEING SOLD WAS PRINCIPLE RESIDENCE 5 OF LAST 8 YEARS |
| CREDIT PERIOD ENDS | NOV 30,2009 extended to APRIL 30 2010 | APRIL 30 2010 |
| BINDING CONTRACT RULE | NONE | CONTRACT EFFECTIVE DATE OF APRIL 30
MUST CLOSE BY JULY 1, 2010 |
| INCOME LIMITS | $75,000.00 single $150,000.00 married |
$125,000.00 single $225,000.00 married |
| LIMIT ON COST OF HOME | NONE | $800,000.00 |
| ANTI FRAUD RULE | NONE | PROOF OF PURCHASE WITH TAX RETURN |
Ocala, FL