Eastwood Custom Homes - Traverse City
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Federal Tax Credit / HOP Grants

 

TAX CREDIT / HOP GRANT
Now is a great time to purchase a new stick-built Eastwood home, thanks in large part to two federal programs. First-time home buyers receive up to an $8,000 tax credit, while a HOP grant will provide up to $5,000 for first-time home buyers. Persons buying a new home for the first time in at least three years are eligible for up to a $6,500 tax credit.
The tax credit is part of the economic stimulation program approved by Congress.
  • The tax credit does not have to be repaid as long as the homeowner remains in the home for at least three years.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, and manufactured homes (also known as mobile homes).
 
Homes purchased from Eastwood qualify, whether they are already built or are constructed during the eligibility period, so long as they are built on land and not in parks.

The Homeownership Opportunities Program (HOP) provides up to $5,000 of down payment and closing cost assistance to first-time homebuyers. For many home buyers, the down payment and/or closing costs are a huge hurdle; this program is designed to assist those buyers.
 HOP will match a homeowner's funds three-to-one. FHLBI* will also match funds received from owners’ savings, gifts and other grants.
For more information on how to use these programs when buying a home from Eastwood Custom Homes, call us at 231-929-4663.
 
* FHLBI refers to the Federal Home Loan Bank of Indianapolis, one of 12 regional banks that make up the Federal Home Loan Bank System.
 


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