The $8,000 federal home buyer tax credit for San Mateo first time home buyers, which was set to expire on November 30, 2009 was extended to the first half of 2010 (now set to expire on June 30, 2009) and now includes San Mateo County home buyers who have owned a home in the past.
Why Will More San Mateo First Time Home Buyers Qualify?
The first time home buyer credit was extended virtually intact, with one key improvement: income limits were increased so more San Mateo first time home buyers now qualify.
What Home Buyer Tax Credit is Available for Current San Mateo County Homeowners?
San Mateo County home owners who owned a primary residence and have lived in their homes for a consecutive period of at least 5 of the last 8 years will qualify for a $6,500 federal tax credit.
When is the Deadline to Purchase a San Mateo County Home?
All homes must be in contract by April 30, 2010 and close by June 30, 2010 to receive the credit. If San Mateo short sales are in your home buying strategy, start as early as possible to ensure they close on time. Even if you are in contract by April 30, 2010 and don’t close before June 30th, you will not receive the credit.
Higher Income Limits in Effect Making More San Mateo County Home Buyers Eligible
Single tax payers who earn up to $125,000 are eligible for the total amount of the credit. Those who earn between $125,000 and $145,000 will get a partial credit. If you make more than $145,000 you will not be eligible to receive the federal home buyer tax credit.
Joint filers who earn up to $225,000 combined are eligible for the total amount of the credit. Those who earn between $225,000 and $245,000 combined will get a partial credit. If you make more than $245,000 combined you will not be eligible to receive the federal home buyer tax credit.
Maximum Purchase Price for San Mateo County Homes
Qualifying San Mateo first time home buyers and home buyers who have owned homes can purchase a home up to $800,000 and still qualify for the new federal home buyer tax credit.
Want to Learn More About How to Use the Tax Credit to Buy a Home in San Mateo County?
On Wednesday, November 23rd at 7pm, I will be hosting a webinar to explain the nuances of the credit, who qualifies and much more. For more information visit the Federal Home Buyer Tax Credit webinar page. To sign up visit the webinar registration page.
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Chris Williamson is a Mortgage Advisor with Mortgage California specailizing in San Mateo Mortgage.
Related posts:
- Webinar: Guide to the Home Buyer Tax Credit – Not Just for First Time Home Buyers Anymore
- California’s New Home Buyer Tax Credit
- Top 10 Questions about the Extended and Expanded Home Buyer Tax Credit Part 1
- Slide Show – Guide to the Extended and Expanded Home Buyer Tax Credit
- San Mateo Homes Just Got More Affordable for First Time Buyers
