Dorothy M. Le Federal Way Homes

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible

Plus...A New Tax Credit for Certain Existing Home Owners!

The extension measure also opens up opportunities for others who are not buying a home for the first time, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

Take a look at my photo. This million dollar home sold at auction for half price. There are more great deals available, let me know about your dream home and we will find it. Prices are afforable and interest rates are still historically low.

Federal Way homes are selling. So far in July 50 homes have closed and 102 are pending sales. Yes, most sales are of the lower priced homes with the average prices about $275K. But there are a few higher priced homes selling, I just sold a large view home for $600K in Redondo.