Mortgage Video & Blogging Community

Time is running out for Rhode Island Home Buyers to take advantage of the 2010 Tax Credit.

Under H.R. 3548 bill, first-time home buyers may qualify for up to a maximum of $8,000. A “move up” or “repeat buyer” may qualify for up to a maximum of $6,500.

• 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 tax credit qualified “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.

• The tax credit is equal to 10 percent of the home’s purchase price up to the maximum allowable total. Purchases of homes priced below $800,000 are eligible for the tax credit.

• Homes  must be utilized as the borrower’s primary residence.

• The home purchase must close on or before June 30, 2010.

• You must be in a enforcable binding agreement by April 30, 2010.

Call me today or apply on line at http://www.guaranteedrate.com/lyndamckenzie.   I would be happy to help.

Lynda Mckenzie
NMLS#137627/ RI license#137627
Direct:  401-524-9796
Email:  lmckenzie@guaranteedrate.com/
Web:  http://www.guaranteedrate.com/lyndamckenzie
RI Licensed- 20102682LL