Homeownership

Do you think you might qualify as a homeowner or do you know of someone who might? Loveland Habitat has Open Application periods throughout the year. Call our office at 970-669-9769 to inquire about these application periods.

$8K HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED

In November, Congress voted to extend and expand the $8000 homebuyers tax credit created last year.  This credit continues to provide tax relief to Habitat partner families in Loveland.

The bill extends the $8,000 credit for first-time homebuyers who enter sales contracts by April 30, 2010, and close within 60 days. Individuals may claim the credit for purchases in 2010 on their 2009 tax returns.

So far, 9 Loveland Habitat for Humanity families will be able to benefit from this credit. Several families have indicated that the credit will allow them to establish a savings account, giving them a “safety net” for the first time in their lives. The security and peace of mind this tax credit savings provides will be a blessing for each of these families.

Applicants must meet the following basic requirements:

1. Have lived or worked in Loveland for at least one year.
2. Have a need for adequate housing. (Are current living conditions overcrowded or unsafe or do you pay 40% or more of your income for rent, or receive subsidized housing?) And can’t qualify for conventional loan.
3. Willing to partner with Habitat by working 250 volunteer hours (sweat equity) per adult applicant.
4. Earn between 30-60% area median income (see chart below), are a US citizen or legal permanent resident and have: No bankruptcy within last 2 years, No current non-medical collections, no judgments or liens. Current history of paying bills on time.