Ascent Financial

The details of the extended homebuyer credit (beginning December 1, 2009 and expiring on April 30, 2010) are listed below. Dallas residents who have questions or would like further information, contact Jonathan Doddridge of Ascent Financial.

First-Time Buyers

• $8,000 tax credit ($4,000 for married couples filing separate
• Must not have owned a property in the last three years
• Expiration of credit = April 30, 2010
• Binding Contract Rule = Contract executed by April 30, but can close as late as July 1, 2010
• Income Limits = $125,000 (single) and $225,000 (married couples) with $20K phase out
• Purchase Price Limit = $800,000

Subsequent Purchaser

• $6,500 tax credit ($3,250 for married couples filing separate)
• Must have used the home sold or being sold as a principal residence consecutively for 5 of the of the previous 8 years
• Expiration of credit = April 30, 2010
• Binding Contract Rule = Contract executed by April 30, but can close as late as July 1, 2010
• Income Limits = $125,000 (single) and $225,000 (married couples) with $20K phase out
• Purchase Price Limit = $800,000