With the $8,000. First-Time Buyer Tax Credit set to Expire on Nov 30th, 2009, it was replaced by an even better program! Here is the Good News - First-Timers are still able to take full advantage of the $8,000.00 tax credit - as the program has been extended. The Great News - Current Homeowners can now qualify for tax credit of their own if they sell and purchase another home.
Here’s What You Need to Know if you’re a First-time Buyer:
- Have a home under contract by April 30, 2010 Close the sale by June 30, 2010
- Individuals must earn less than $125,000.
- Married Couples must earn less than $225,000.
- Tax Credit is equal to %10 of the purchase price up-to $8,000.00
- Must live in the house for 3 years or repay the tax credit
Here’s What You Need to Know if Currently own a house:
- Must have owned a house for 5 of the last 8 years (primary residence)
- Must sell their current home, then purchase another
- Have a home under contract by April 30, 2010
- Close the sale by June 30, 2010
- Individuals must earn less than $125,000.
- Married Couples must earn less than $225,000.
- Tax Credit is $6,500.00
- Must live in the house for 3 years or repay the tax credit
Current Market Conditions Create the "PERFECT REAL ESTATE STORM"
1. LOW HOME PRICES
2. LOW INTEREST RATES (around 5%)
3. FREE MONEY (via the tax credits)
THE MARKET HAS NEVER OFFERED A MORE PERFECT OPPORTUNITY.
