Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. It's the opportunity of a lifetime for anyone looking to move into an energy efficient new home built by Antares.

To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. Sales written by April 30 must close no later than June 30, 2010.

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. The law defines a "move-up home buyer" as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.

Tax Credit at a Glance

• The tax credit is available for first-time home buyers and move-up/repeat home buyers. As long as you haven't owned a home in the past three years, the law considers you a first-time home buyer. Move-up/repeat home buyers must have lived in their home for at least five consecutive years of the eight years prior to the purchase date.
• The maximum credit amount is $8,000 (first-time buyers) or $6,500 (move-up/repeat buyers).
• The credit is available for homes purchased on or after January 1, 2009 and before April 30, 2010.
• No repayment required.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits.

Details and FAQ provided by the NAHB (National Association of Home Builders).