I would like to share with you some recent changes in the First Time Homebuyer tax credit that will make buying a new home in Houston easier. The $8,000 tax credit has now been expanded in an effort to reach more homebuyers. The original income limits were $75,000 for those filing individually and $150,000 for those filing a joint tax return. The new law expands the income limits to $125,000 for individuals and $225,000 for those filing a joint return. These new income limits will greatly expand this program to many more potential homebuyers than the estimated 350,000 that have already used the credit to purchase a home.
Another significant change is the inclusion of up to a $6,500 tax credit for homeowners who have owned their homes for five years or longer. So if you are looking to downsize your home but upsize your lifestyle, this tax credit is a great start.
If you are looking for help buying real estate in Houston, please feel free to contact us with questions or to begin your home search.