Details on New Tax Credit Extension
Posted by Louise Scoggins on Tuesday, December 15th, 2009 at 10:41am.It’s official: the homebuyer tax credit has been extended through April 30th, 2010! Not only has it been extended, it’s been expanded upon and improved as well. Check out the details:
If you have a home that closes by April 30th, 2010, you are eligible for a hefty tax credit. First time homebuyers (those who have not owned a home in 3+ years) will qualify for an $8,000 tax credit. Newly added to the bill: repeat or “move-up” buyers could also qualify for a $6,500 tax credit. If you have owned your current home for 5 consecutive years out of the last 8 years, then you can get the $6,500 tax credit on the new purchase. That’s pretty cool!
Also, if you haven’t closed on something by April 30th, but you are at least under contract on something by April 30th, you can still qualify for the credit so long as you close on that home prior to June 30th, 2010.
There are a few restrictions worth noting: Income limitations are set at $125,000 for a single person, and $225,000 for a couple. Repeat buyers may not exceed a purchase price of $800,000. You must provide documentation proving your purchase when making your claim (easy to do with your HUD 1 Settlement Statement provided at closing).
Sooo….the question now is, what are you waiting for! Now is the time to buy. The government is going to pay you thousands of dollars to buy a home. Don’t miss out on that incentive! Act now and take advantage of the opportunities this market presents!
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Louise Scoggins
Metro House Hunters, Inc.
Phone: 678.520.5382 | Email Us
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I wish the tax credit was weighted on average price in each individual market as it really hasn't helped Manhattan much.
Posted on Friday, March 5th, 2010 at 11:41 PM.