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. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

At Sumner Home Mortgage, our team is dedicated to helping first time homebuyers fulfill their dreams of home ownership... Understanding that buying a home is one of the largest financial commitments you can make during a lifetime. That's why at Sumner Home Mortgage, we focus on making you feel comfortable and non-pressured during the process.

For first-time homebuyers, many loan programs are available to help get you into your first home. In fact, now may be the best time to stop throwing away your hard earned money and purchase a home since mortgage rates are very competitive. At Sumner Home Mortgage, our priority is to place you into a comfortable mortgage situation based on your needs, goals and income.

Up to $8,000 Tax Credit to First-time Home Buyers - Outstanding Opportunity for Home Buyers

FAQ About the Home Buyer Tax Credit:
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the tax credit?
   
   First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.
   
   However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
   
   Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.
   
   
   
2. What is the definition of a first-time home buyer?
   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. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
   
   For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
   
   
   
3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
   

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For more information and FAQs visit ... http://www.federalhousingtaxcredit.com/2009/ †

http://www.realtor.org/home_buyers_and_sellers/
2009_first_time_home_buyer_tax_credit †