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$8,000 First-Time Homebuyer Stimulus Tax Credit

(Information at a Glance)

• The first-time homebuyer tax credit has been extended from the original December 31, 2009 deadline to April 30, 2010.
• The tax credit is available to buyers who sign a contract on a home by April 30, 2010 and close by June 30, 2010.
• The tax credit is for first-time homebuyers only. For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the property is sold within the first three years.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. The tax credit is available to buyers who sign a contract on a home by April 30, 2010 and close by June 30, 2010.
• The tax credit is for first-time homebuyers only. For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the property is sold within the first three years.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

$6,500 Move-Up Buyer Stimulus Tax Credit*

(Information at a Glance)

• The tax credit is for homebuyers who have been residing in their primary residence for five consecutive years out of the last eight.
• The tax credit is available to buyers who sign a contract on a home by April 30, 2010 and close by June 30, 2010.
• The tax credit does not have to be repaid unless property is sold within the first three years.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

*Tax Credit offers expire 4/30/10 and are subject to stimulus guidelines set by the U.S. Government. Specific details about these requirements are available upon request. Consult your tax advisor for more information.

$2,991 - Savings over the first 24 months**

2.625%	3.625%	4.625%	4.690%
first 12 months	next 12 months	remaining 226 months	APR

• 30-year fixed rate mortgage.
• Special offer available on predetermined properties only and is subject to change without notice.
• Savings will vary based on loan amount. **Savings shown is based on a $150,000 purchase price, with 3.5% down, $147,283 FHA loan amount. First year savings is $1,972 with a $881 monthly payment. Second year savings is $1,019 with a $960 monthly payment. Remainder of loan will have $1,045 monthly payments.

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