Today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have created one of the most attractive first-time buyer markets ever. A recent expansion of the buyer tax credit has included current homeowners who want to move up - or just move.
If you've lived in your current home for 5 consecutive years out of the last 8, you may now be eligible to receive a $6,500 tax credit.
Not only will you receive a $6,500 rebate on any taxes that you might owe, you can also purchase in a time of depressed home prices and lower interest rates.
To qualify, the repeat buyer must have signed a binding contract by April 30, 2010 and go to settlement by June 30, 2010 on a home with a sale price of no more than $800,000. Income limits of $125,000 for single buyers and $225,000 for couples limit eligibility.
Existing homeowners don't have to sell their current home to be eligible for the $6,500 tax credit. But if that is the only way to qualify, it is critical that repeat buyers get their home on the market as soon as possible, or they might not be able to sell and find a new home by the April 30 deadline.
Please email me at kay@kayblemker.com with your comments. Thanks!
No comments:
Post a Comment