federal tax credit incentive for home buyers: Tax Credit Vote In - 11/05/09 12:21 PM
The Senate approved the Tax Credit Extension through May 1, 2010. First Time Homebuyers can still receive an $8000 Tax Credit if they purchase before the date. In addition, a $6500 Tax Credit has been approved for repeat buyers providing they have lived in their home for 5 of the previous 8 years. The cap for home price is $800,000.
Income limits have been expanded to $125,00- for single filers and $225,000 for joint filers. There are prorations for incomes up to $145,000 single and $245,000 married.
Buyers with contracts in place by April 30 have an additional 60 days to … (2 comments)

federal tax credit incentive for home buyers: $7500 Tax Credit for Home Buyers - 02/02/09 03:30 PM
The federal tax credit available to first time home buyers expires the 30th of June 2009. The state of Missouri is the first (so far the only) state to offer a way for buyers to turn the credit into cash that can be used at closing.
Here's how it works:
Missouri Housing Development Commission (MHDC) extends up to 6% of home purchase (maximum $6,750) in the form of a second, fixed-rate mortgage at closing.
This gives the buyer cash for downpayment and closing costs. (INcome limit = $85,000/ household)
Then the buyer uses the federal tax credit to pay off the … (0 comments)

 
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Maria Morton Kansas City Real Estate 816-560-3758

Kansas City, MO

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