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Home Buyer Tax Credit Expands…..

Great News! The first time homebuyer program ($8000 tax credit) has been extended until June 2010, and this time it is not only for first time homebuyers anymore…YOU MAY ALSO QUALIFY. Highlighted below are the important points to consider.

$8,000 TAX CREDIT

  • You are no longer locked out because you earn too much, now you can qualify for the entire $8000 credit if…
  • Single income of $125,000 and married income of $225,000
  • Those who make more will be phased out
  • Credit ends completely once single income reaches $145,000 and married income ends at $245,000 (This was capped at 95k and 170k)
  • You must buy a home or have a binding contract to buy by April 30, 2010
  • The property you purchase cannot have been acquired from a relative

$6,500 EXPANDED TAX CREDIT:

This new incentive called a “MOVE UP” credit for CURRENT HOMEOWNERS. If you owned and lived in the same home at least five consecutive years of the last eight years you could qualify for this credit if you buy a new home between now and April 30th. How and when?

  • You don’t have to sell your current residence to qualify, you can rent your current residence and buy another
  • All of the above mentioned income requirements under the $8000 tax credit program apply
  • The new house cannot cost more than $800,000
  • The replacement or new house must become your primary residence. You can rent your current home or list it for sale
  • Variety of dwelling types are allowed including condos, manufactured, mobile homes, and boats that function as your principal residence
  • Second and investment homes are not allowed

This is absolutely your last opportunity to take advantage of these programs, Congress has strongly indicted it will not extend the program after June 2010. If the government is willing to give you a $6500 credit to move faster, why not?

Thank you for your continued support and referrals, I appreciate it as we try to “weather” this market. If you know of anybody that can benefit from my experience and service, please forward my email or call me anytime!  I look forward to hearing from you.

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