Every Colorado citizen deserves an opportunity to own an affordable, decent home.
Part of the 2009 Economic Stimulus Bill includes an $8000 Tax Credit for a first time home buyer.
But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.
For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.
This is a great time to buy a home, condo or townhouse in Englewood or any other city within the Denver Metro Colorado area. This tax credit is available for first time home buyers, if you buy before April 30, 2010. If you are looking to buy a home, now is the time.
With the current low interest rates and the bargains available with foreclosures that have not been seen in years, this is the best real estate opportunity in the last 25 years. The last time prices on homes, condos or town homes were this good, was in the early 80's.
Now is time to act with bargain level prices on real estate in Englewood and the Denver Colorado Metro Area. Prices may start to increase due to the new demand that will be generated by the stimulus housing tax credit and low interest rates.
Answers to your Questions about the Tax Credit for the First Time Home Buyer:
Time frame to buy? - First-Time Homebuyer Credit Extended to April 30, 2010 (close on the sale).
First-time home buyer? - A buyer who has not owned a home for three years.
Married first-time buyer? - Both buyers have not owned a home for three years.
Claim tax credit? - Claim the tax credit on your federal income tax return.
Other form or forms? - No other form except your federal income tax return.
Credit limits? - Single $75,000, Married $150,000.
Building a custom home? - You qualify,if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
Buying a new home? -You qualify,if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
Income max? - Single $95,000 and Married $170,000 exceeds the modified adjusted gross income.
Tax credit refundable? - If you pay less that $8,000 in federal income taxes, the government will write you a check for the difference.
The Stimulus Package has Created A Lot of Buzz
First time buyers need to be educated. 
The Colorado Housing and Finance Authority (CHFA) has great on-line courses available at their CHFA U website.
To help you get the most out of this training, view a video about the CHFA U online courses and Confidence-Based Learning or Click here for more information.
