Contact Information: 
Paula Sollami Covello
Mercer County Clerk
609-989-6465
psollamicovello@mercercounty.org

(Trenton, NJ) – Mercer County Clerk Paula Sollami Covello today reminded home buyers they have less than a month remaining before the Federal home tax credit expires. First-time homebuyers may qualify for up to $8,000, while those who are trading up could get as much as $6,500. But either way, buyers have to sign sales contracts by the end of April and close by June 30 to see the refund.

The $8,000 tax credit for individuals purchasing their first home is part of Washington’s economic recovery strategy. There are no plans at all for Congress to extend the tax credit again, so this will most likely be the last chance to claim the credit.

“The tax credit may help Mercer County families afford their first home during this difficult economy and the clock is ticking for first-time homebuyers to take advantage of Federal stimulus credits,” said Sollami Covello. “The general housing market remains fragile and anything that can promote qualified homeownership would be a positive shot in the arm for our local communities,” she added.

Not every buyer is eligible for the credit. Here are some guidelines:
  • Homebuyers who have not owned a home for the past three years may earn up to $8,000 or 10% of the purchase price, whichever is lower.
  • Buyers who have owned a home for five consecutive years of the past eight qualify for up to $6,500 in credits.
  • There are income limits of $125,000 for single taxpayers and $225,000 for couples.
  • There is a prohibition on claiming the first-time homebuyer credit if either member of a couple owned a home within the three-year period.
The Mercer County Clerk’s Office files and records all documents concerning real estate ownership, mortgages, and transfers. The Mercer County Clerk’s Office remains positioned to provide helpful information to County residents during these challenging times as well as readying itself for an eventual housing recovery. For more information on the homebuyer tax credit go to www.federalhousingtaxcredit.com.