East Bay, Newport County, and all Rhode Island first-time home buyers (we like to call Property
Virgins), this page has been designed specifically for you. You will find links relevant to your needs,
an overview of the home-buying process, a Virgin Distinctionary (with key real estate terms explained
in clear and concise terms, often with a little humor as well).
Remember, this is your first time. It may be a little scary, but it should also be fun. And we are here to
help. Feel free to peruse this page and the rest of our website. When you are ready to speak with
someone, give us a call or request a home buyer guide using the form below.
Virgins), this page has been designed specifically for you. You will find links relevant to your needs,
an overview of the home-buying process, a Virgin Distinctionary (with key real estate terms explained
in clear and concise terms, often with a little humor as well).
Remember, this is your first time. It may be a little scary, but it should also be fun. And we are here to
help. Feel free to peruse this page and the rest of our website. When you are ready to speak with
someone, give us a call or request a home buyer guide using the form below.
Request Home Buyer Guide
| Rhode Island |
Great News for Virgins who held out for the first time!
If you haven't owned a home in the last 3 years, you are still eligible for the $8,000 tax credit. The
credit is extended through April 30th to contract on a home. You will have through June 30th to
close on it.
The new tax credit is no-longer Virgin exclusive. The credit has been expanded to non-first time
homebuyers as well, giving some move-up buyers $6,500 of more purchasing power. The caveat is
that you must have owned your current home as your primary residence 5 out of the past 8 years.
Other Details
Creative Ways to Use the Credit
There are many creative ways of structuring your home purchase transaction in ways that maximize
the benefits of the credit. Here are a few examples.
If you haven't owned a home in the last 3 years, you are still eligible for the $8,000 tax credit. The
credit is extended through April 30th to contract on a home. You will have through June 30th to
close on it.
The new tax credit is no-longer Virgin exclusive. The credit has been expanded to non-first time
homebuyers as well, giving some move-up buyers $6,500 of more purchasing power. The caveat is
that you must have owned your current home as your primary residence 5 out of the past 8 years.
Other Details
- The income limits were raised from $75,000/$150,000 (single/married) to $125,000
/$225,000. - Where there was no maximum home price in the first bill, the maximum purchase price is
now $8000,000. - For purchases made in 2010, you would be able to claim the credit on your 2009 income tax
return. - You must remain in the home as a primary residence for 3 years after you purchase it.
- An Anti-fraud rule has now been attached - you must attach documentation of purchase to the
tax return. - The tax credit limits for single filers are: $4,000 for the First-Timer and $3,250 for the Move-
Upper.
Creative Ways to Use the Credit
There are many creative ways of structuring your home purchase transaction in ways that maximize
the benefits of the credit. Here are a few examples.
- The credit applies to 1-4 unit homes as long as you live in one of the units as your primary
residence - you could live in one unit and rent out the others. - If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit
based on their income or past home ownership status, the individual who qualifies for the
credit can claim the full credit (Note: in the case of married couples, both spouses must
qualify for the credit). - The credit applies even if you have co-signers on your mortgage loan.
First-time Buyer Tax Credit Explained
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Website of the Donahue Noble Group, Keller Williams Realty East Bay
Thames Street Landing I 259 Thames Street I Bristol, RI 02809 I 401.474.0404 I Fax: 401.253.1075
Disclaimer
Website of the Donahue Noble Group, Keller Williams Realty East Bay
Thames Street Landing I 259 Thames Street I Bristol, RI 02809 I 401.474.0404 I Fax: 401.253.1075
Disclaimer
Property Virgins
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| Louise Donahue & John Noble Keller Williams Realty East Bay 259 Thames Street Bristol, Rhode Island 02809 Tel: 401-474-0404 Confidential Fax: 401-253-1075 Email: DonahueNoble@kw.com |
EMail: DonahueNoble@kw.com
Fax: 401.253.1075
Tel: 401.474.0404
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