First-Time Homebuyers - New Homes by Lennar

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CONGRESS EXTENDS AND EXPANDS THE
$8,000 FIRST-TIME HOMEBUYER TAX CREDIT

Amendment Includes $6,500 Credit for
Current Homeowners‡

•

The current $8,000 federal tax credit for first-time homebuyers is extended to April 30, 2010.

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A new tax credit for certain existing homeowners has been created. The amount of the new credit is $6,500. To qualify, an individual must have owned and resided in a home for any 5-consecutive year period during the last 8 years prior to purchase of a new home.

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To be eligible to claim the $8,000 credit, first-time buyers must enter into a written binding contract for purchase before May 1, 2010 and must close on the purchase before July 1, 2010.

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To be eligible to claim the $6,500 credit buyers who have owned and resided in a home for any 5-consecutive year period during the last 8 years, must close after the date of enactment (November 6, 2009), and prior to July 1, 2010.

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The new law increases the income limitation for homebuyers who want to claim the credit. The income limit for individual taxpayers has been increased from $75,000 to $125,000. The income limit for joint filers increases from $150,000 to $225,000.

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To qualify for either credit, the price of the home being purchased cannot exceed $800,000.

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In addition, members of the U.S. Armed Forces who have been deployed overseas will have an additional year to qualify for the credit –until April 30, 2011.

Carryover Provisions

Certain important provisions from the original tax credit remain in place. To qualify for the credit, a homebuyer must be a U.S. citizen or have permanent resident status. The income limits are calculated based on a taxpayer’s modified adjusted gross income. Homebuyers retain the option to claim the credit in the previous tax year. If a homebuyer claims the credit and sells their home within three years, the credit is subject to recapture.

For More information go to: www.federalhousingtaxcredit.com

Owning

vs.

Renting

A First-Time Homebuyer is any U.S. citizen who has not purchased a home in the past three years.
Tax benefits
Everything in your new home is under warranty
New, quality construction and building standards
Brand new appliances and top-quality fixtures

NO return on your investment
NO pride of ownership
NO tax benefits
NO warranties
NO stability
NO equity
NO more

And it will never be your own home.

Homebuying 101
	Home Financing Made Simple
	The Home Loan Process
	Home Loan Checklist
Windows: To download, Right-Click link and choose Save Target As. Mac: To download, Control-Click and choose Download Linked File.

Click on any of the market links below to see what is available in your area.

***These markets will be offering a different promotional rate or incentive from that featured above.

†First-time homebuyer is any individual (excluding a non-resident alien) who has not owned a principal residence during the past three years and is purchasing the new home as their primary residence. Credit is subject to 3-year ownership requirement. ‡IIndividuals (excluding non-resident aliens) who have owned and used the same residence as their principal residence for any 5 consecutive-year period during the 8-year period ending on the date of the purchase of the subsequent principal residence (i.e., the one that would qualify them for a credit) can now claim a tax credit not to exceed $6,500. Tax Credit is subject to eligibility requirements. Lennar cannot provide guarantees of actual savings and does not guarantee the homebuyers' qualification for the federal tax credit. Not tax advice; homebuyers should consult with their tax advisor. Tax laws are subject to change. *Offer available on select homes as determined by Lennar, for purchase agreements written by 11/15/2009 and closing must occur no later than 11/30/09 . Limited funds are available; rates may change or not be available at the time of loan commitment, lock-in or closing if funds are exhausted. Not an offer to enter into an interest rate or discount point agreement and any such agreement may only be made in writing signed by both the borrower and the lender. Specific conventional loan terms apply and buyer is subject to qualification that includes, but not limited to, a minimum of 10% down, a minimum credit score of 700, owner occupancy requirements and/or any changes in investor guidelines or programs. Loan amount cannot exceed $417,000. Offer available only to qualified buyers financing through Universal American Mortgage Company or Universal American Mortgage Company of CA. Copyright © 2009 Lennar Corporation and Universal American Mortgage Company, LLC. All rights reserved. Lennar, the Lennar logo, Universal American Mortgage Company, Universal American Mortgage Company of California, the UAMC and UAMC of California logo are registered service marks or service marks of Lennar Corporation and/or its subsidiaries. 11/09

AZ: Universal American Mortgage Company, LLC. Mortgage Bankers License #BK-0904844; CA: Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; CO: Supervised Lender License #987996; DE: Licensed Lender #8488; FL: Mortgage Lender License #ML0700915; IL: Illinois Residential Mortgage Licensee #MB0002095 (2300 N. Barrington Road, Suite 750, Hoffman Estates, IL 60169); MA: Mortgage Lender and Mortgage Broker License - MC3993, MC4006, MC5190 and MC5196; MD: Mortgage Lender License #8101; MN: License # MO 20328897; NV: Mortgage Banker License #1310 and Mortgage Broker License #1055, 6750 Via Austi Parkway, Suite 130, Las Vegas, NV 89119 (702) 739-7933; 10354 Professional Circle, Suite 120, Reno, NV (775)852-9980; NJ: Licensed by the New Jersey Department of Banking and Insurance #9933158, 800 West Main Street, Freehold, NJ 07728 (732)625-2314; NC: Mortgage Lender's License # L-108346; PA: Licensed by the Pennsylvania Department of Banking pursuant to the Mortgage Loan Act; SC: Mortgage Loan Broker # MB-0508401 and Supervised Lender License # S-5, 665, 688, 689, 690, S-6, 529, 572; TX: Regulated Loan License #4514-34262; VA: Mortgage Lender/Broker #MC-2325, licensed in "Virginia State Corporation Commission"; WI: Mortgage Banker #21899.

AZ: Lennar Arizona Construction, Inc. – ROC 228129; CA: Lennar Fresno, Inc. d/b/a Cambridge Homes – License No. 821180, Lennar Homes of California, Inc. – License No. 728102, Greystone Homes, Inc. – License No. 632643; FL: Lennar Homes, LLC – QB 3682; MN: U.S. Home Corporation d/b/a Lennar – License No. 1413; NV: Greystone Nevada, LLC – License No. 48844 and Lennar Reno, LLC d/b/a Lennar Homes – License No. 64226. Real Estate Broker’s License – AZ: Lennar Sales Corp. – Owner/Agent; CA: Lennar Sales Corp. – Broker; MN, NJ and WI: Lennar Sales Corp. – Broker; NV - Lennar Reno, LLC – Broker, Greystone Nevada, LLC – Broker.

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Amendment Includes $6,500 Credit for Current Homeowners‡

Owning

vs.

Renting

Homebuying 101

Click on any of the market links below to see what is available in your area.

Arizona***

California***

Colorado

FLORIDA

Illinois

Maryland***

Massachusetts

Minnesota

North Carolina

NEVADA***

PENNSYLVANIA

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Amendment Includes $6,500 Credit for
Current Homeowners‡