NEW  Homebuyer Tax Credit!  Here is the skinny:

•1.       Tax Credit Extended to April 30, 2010.

•2.       Sales contract must be binding by April 30^th and settlement must occur prior to July 1, 2010.

•3.       Income limit qualification has increased to $125,000 for single and $225,000 for married persons.

But wait...  There's more:

•4.       A new Tax Credit of $6,500 was added for homeowners who do not qualify as first timers!

•5.       Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Are you working with a borrower who is currently serving in the Armed forces?  If the military personnel is/was stationed outside the United States for 90 days or more, they receive a separate extension.

•6.       Service period must have occurred between January 1, 2009 and May 1^st 2010.

•7.       The time line is extended ONE YEAR  -

•a.       May 1^st, 2011 for a binding contract.

•b.      July 1, 2011 settlement date.

Larry Hultberg - Delaware Realtor 302-530-9186