Did you hear it? That big woosh of air was all of those buyers, sellers, REALTORS, loan officers and title representatives that had a purchase agreement with a November 30, 2009 closing date breathing out a collective sigh of relief. An extension for the tax credit for first time homebuyers was approved by both the house and senate and is scheduled to be signed by the president today. Professionals in the industry were worried about the potential bottleneck of all the closings trying to happen before the original deadline because we all know, S*** Happens on the way to the closing table from time to time. (Yep that stands for STUF…wink, wink!) Most closings will go off without a hitch but occasionally there can be delayed a day or so. However, not closing on time could have cost some first time buyers big bucks had the extension not passed.

And, as many buyers, sellers and real estate professionals had hoped, the Homebuyer Tax Credit was not only extended but expanded to include homebuyers who have owned homes in the past. Specifically someone who has owned a home and lived in it for five consecutive years of the last eight, you could qualify for the up to a $6500 tax credit. There are guidelines and limitations so understanding the program is essential. Here are a few key details of the plan:

  1. First time buyers qualify for up to $8000.
  2. Current Homeowners qualify for up to $6500.
  3. Purchase agreements must be written by April 30, 2010.
  4. Closing must be finalized by July 1, 2010.
  5. Income Limits are $125,000 for a single person or $225,000 for married couples.
  6. Home must not cost more than $800,000

For additional details the NAR has two pdf links to additional information on their website:

NAR Homebuyer Tax Credit Changes

NAR Frequently Asked Questions and Answers on the Homebuyer Tax Credit Changes

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Theresa "Teri" Eckholm, a call or visit my website for a FREE Relocation Packet or FREE Homebuyers Success Packet.   I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

 

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Copyright 2013 Teri Eckholm http://www.terieckholm.com/

 

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5 Comments on It Passed! Update on the Extended & Expanded Homebuyer Tax Credit

NOV
06
2009
960,141 Points 21 Featured Posts Outside Blog

I hope that soon we will no longer need these assistance programs.

your friend in Charlottesville Virginia!
1:36pm • #1
865,870 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

The president just announced that he has signed the bill.  I hope now the job situation will start to improve and that interest rates remain low.
4:15pm • #2
1,156,157 Points 38 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Teri, I'm glad to hear this.  I know some people think it may not be a good idea but it's sure going to help more people get their very own home.
8:29pm • #3
NOV
07
2009
199,849 Points Localism Sponsor

You are right, Teri.  There closings out there that may be delayed for one reason or another.  Those buyers would have lost out, but now they can relax.
7:03am • #4
NOV
09
2009
230,914 Points 3 Featured Posts Outside Blog

THIS is such GREAT NEWS!!!  I was thrilled to read this Teri!  Spread the sunshine...even if you're in MN not FL!  ☼
6:11am • #5

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Teri Eckholm, REALTOR® Anoka&Washington Counties Acreage & Lakeshore Homes

Ham Lake, MN

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Address: 4910 Highway 61 N, White Bear Lake , MN, 55110

Cell Phone: (651) 336-7073

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Theresa "Teri" Eckholm/REMAX Specialists assists Minnesotans to find their way home with helpful tips and quality service. Dedication to customer service has made Teri the REALTOR® of choice for families in Blaine, Forest Lake, Ham Lake, Lino Lakes and Wyoming areas. Licensed in MN.


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