by Edward Moloney 9/10/09

The Home Buyer Tax Credit may help someone who wants to move back to Holliston meet the goal.

We have all been inundated with information as it relates to the government and their efforts in keeping the housing market moving ahead. Some of the information that I have heard on the radio and even read on the web is very far from clear. I am writing to provide the readers of the HollistonReporter.com some facts relating to the Tax Credit.

1. The credit is not only for people who have never owned a home before. The credit is for anyone who has not owned a principal residence in the last three years prior to the purchase date and is purchasing a primary residence.

2. The credit is phased out at different income ranges. For single borrowers the phase-out is for borrowers that have a modified adjusted gross income of 75k to 95k.  For married couples the income is from 150k to 170k.
    
3. To receive the credit, the borrower must close on the property by November 30th, 2009, the present deadline.

4. A person will not qualify for the credit if buying a home from a close relative. This includes a spouse, parent, grandparent, child or grandchild.

The above information is not intended to be tax advice. I always recommend that clients speak to their tax advisors before making any home buying decisions. They can also go to IRS.GOV and get additional information as it relates to the tax credit.

At this time there is no word from the government relating to any possible extension of the deadline date of November 30th.

I believe that this credit could help people who would like to move back to Holliston but never thought that they could afford to do so. The town of Holliston presently has fifteen single-family homes on the market that are listed below $385,000. Source of reference: Realtor.com.

This article was written by Edward Moloney a Holliston resident and local mortgage consultant with Zenith Mortgage Advisors. Cell phone 774-573-0329.