Take advantage of Tax Credits before April 30th!

Tax Credits

Wondering about tax credits or if you qualify?  First time home buyer? Repeat home buyer? Looking to buy in Norman, Oklahoma?
Listed below is information about different programs you may be eligible for.

$8,000 First-time Home Buyer Tax Credit at a Glance

For First Time Home Buyer FAQ, click on
First Time Buyer tab.

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer 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 home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
  
  For more information and FAQ, go to http://www.federalhousingtaxcredit.com/
  

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

 For more information and FAQ, go to http://www.federalhousingtaxcredit.com/

City of Norman
First Time Home Buyer Grant

Norman Community Reinvestment Council (NCRC)
Homebuyer Program

A dream of most American families is to own their own home. While most moderate income households have the necessary income to own and maintain a home, the costs incurred in the purchase of a home make this dream unreachable. The City of Norman HOME Program and the Norman Community Reinvestment Council are pleased to announce that funds are available for down payment and closing cost assistance for first time homebuyers. Up to $5,000 per household may be applied for to help offset the cost of purchasing a home. Applications for this program are processed by the participating banks at the time of mortgage application. For additional information, please contact a mortgage professional of a participating bank or Lisa Krieg at the City of Norman, 366-5464.

 For more City of Norman Information
http://www.ci.norman.ok.us/content/homebuyers-program

Mortgage Credit Certificate (MCC)