You don’t have to be a first time buyer anymore
Wednesday, January 6, 2010
The first quarter of 2010 is a dynamite time to purchase a home! Low interest rates and once-in-a-lifetime tax credits are sweetening the pot. And you don’t have to be a first time home buyer for tax credits anymore.
The Worker, Homeownership, and Business Assistance Act of 2009 (H.R. 3548) was signed by President Obama on November 6th, 2009.
This bill extended the $8,000 first time home buyer tax credit, which would have expired on December 1, 2009.
Home buyers now have until June 30, 2010 to close escrow on a qualifying home purchase. But, (and this is important) a binding contract must be entered into on or before April 30, 2010.
First time home buyers may receive up to $8,000 (or 10% of the home’s purchase price).
If you are not a first time home buyer, there is now a $6,500 credit available if you purchase a home as your residence.
There is a limit of $800,000 on the price of the home, and you must be over 18 in order to qualify. Income limits also apply. Eligibility phases out at $225,000 to $245,000 for married filing jointly.
It is best to check with your CPA or tax preparer to make sure that you can get the credit.
Then call me, and let’s find your dream home! There are still a few foreclosures and sales with great deals.
