Adjustable Rate Residential Mortgages

First Time Home Buyer Programs

Fixed Rate Residential Mortgages

Manufactured and Mobile Home Loans

Mass Housing Finance Authority Loan Programs

First Time Homebuyer Tax Credit

 

Disclaimer: The following information was obtained through the Internal Revenue Service website, www.irs.gov. Weymouth Bank does not warrant nor guarantee the accuracy of this information. Consult with the Internal Revenue Service and your tax advisor if you have questions regarding this information.

 

The first time homeowner tax credit is available to those taxpayers who have a signed purchase and Sales Agreement on a principal residence on or before April 30, 2010. The taxpayer must close on the home by June 30, 2010.

 

The amount of the tax credit is 10% of the purchase price, up to $8000.00 and the taxpayer can take the credit on their 2010 Federal Tax returns using form 5405.  The tax credit remains fully refundable, meaning the credit will be paid out to the homeowner even if their tax obligation is less than the amount of the credit.

 

The homeowner does not have to repay this credit unless the home ceases to be the homeowner’s principal residence within 36 months of closing.

Note, the taxpayer is not eligible for this credit if you purchase a home from a close relative including: spouse, parent, grandparent, child or grandchild.

 

You are eligible for this credit if you owned a home at any time during the three years prior to this purchase.

 

Expansion to law:   A tax credit will be granted to those homeowners who have owned their principal residence for at least 5 consecutive years (out of an eight year period) and purchase a new principal residence. This tax credit goes to a maximum of $6,500.00.

 

Click Here for IRS First Time Homebuyer Credit Questions and Answers or visit irs.gov for all additional information.  

 

Please contact the mortgage department with any further questions. Call Sheila Rubino @ 781-337-8000 x 1304. We’re here to help make your home buying process a happy and successful one. We have attractive first time homebuyer rates and programs.

 

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