Homebuyer Tax Credit Centex can help

The first thing that first-time
homebuyers should know
about the federal tax credit:
Centex can help.

Up to a $7,500 federal tax credit from the U.S. Government when you buy a Centex home.
Heard about the new tax credit for qualified new homebuyers? Centex is here to answer your questions about the first-time homebuyer tax credit and help you make the most of this unique opportunity.

Centex has answers about the homebuyer tax credit.*

Am I eligible?
If you have not owned a home in the past three years, you may qualify. (That’s right, even if you or your spouse owned a home more than three years ago, you are still considered first-time homebuyers and may qualify for the tax credit.) For additional eligibility requirements, visit FederalHousingTaxCredit.com.

Am I entitled to the full $7,500 tax credit?
It depends on the price of your home and your modified adjusted gross income (MAGI). The credit amount is 10 percent of the home’s purchase price, not to exceed $7,500.

To receive the maximum tax credit of $7,500, you must have a modified adjusted gross income below $75,000 for individuals (or $150,000 for joint filers). If that excludes you, take note: There is a reduced tax credit available for individuals with a modified adjusted gross income up to $95,000 (or $170,000 for joint filers).

What is a tax credit?
A tax credit is a reduction in the taxes that you owe. It’s different from a tax deduction, which only reduces the amount of your income that is subject to tax.

How does the credit work?
The credit acts like a loan from the government and must be repaid. The good news is that you don’t have to pay interest, and you can make equal installments over 15 years.

Or, if you sell your home before then and see a gain, you have to repay the government then. Importantly, though, if you don’t see enough gain to cover the remaining balance of the tax credit, the law allows that the balance will be forgiven by the government. (As with all tax matters, you should consult with a tax advisor about your specific circumstances.)

What does it mean that the credit is refundable?
If your eligible tax credit is more than what you owe in taxes, the balance will be refunded to you. (See an example scenario at FederalHousingTaxCredit.com.)

How long does the program last?
The tax credit applies to homes purchased (closed) on or after April 9, 2008, and before July 1, 2009.

That means you can still qualify for the homebuyer tax credit retroactively if you have purchased a home since April 9, 2008.

How can Centex help?
With more than 50 years of homebuilding experience, Centex has helped thousands of people just like you realize the American dream of home ownership.

Our partner company, CTX Mortgage Company, works exclusively with Centex customers to help open doors for prospective homeowners. And notably, all types of Centex homes are eligible for the first-time homebuyer tax credit.

We like to think that Centex is a better way to a better home. And with offers like the first-time homebuyer tax credit, this is a great time to buy.

For additional details on the federal tax credit, visit www.FederalHousingTaxCredit.com.

Don’t miss out - visit a Centex neighborhood today to take full advantage of this unique opportunity!