Re-Blog!  Here's the scoop from Jim Lee a TN real estate agent.  The chart is from NAR. 

 

Via Jim Lee, Knoxville Tennessee RealtorĀ® (Realty Executives Associates):

Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.

The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.

Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.

Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.

The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.

 

NAR chart showing comparison of existing homebuyer tax credit to extended and expanded version

 

Jim Lee, CRS, ABR, GRI, ACRE, NAR Certified e-PRO Trainer
*****************************************************************
Visit my blog: www.KnoxvilleTennesseeRealEstateBlog.com
Realty Executives Associates, Knoxville, Tennessee
See all Knoxville area Realtor listings at: www.KnoxvilleHomeCenter.com
(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
mailto:Jim@JimLee.com

Click here to subscribe to my blog and get up to the minute news and reports about real estate in the greater Knoxville, Tennessee area.

 

 

 

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6 Comments on Comparing present homebuyer tax credit to extended version

NOV
07
Outside Blog

Maureen,

Thanks for the heads up. I need to check NAR more frequently.

12:57pm • #1
606,901 Points 59 Featured Posts Localism Sponsor Outside Blog

I never check NAR they are often in my mailbox though.  I rely on my friends like Jim Lee to check the NAR site.

1:38pm • #2
288,803 Points 52 Featured Posts Localism Sponsor Outside Blog Hit Router

Actually someone emailed it to me; I don't look too often either. ;)

3:03pm • #3
606,901 Points 59 Featured Posts Localism Sponsor Outside Blog

Well someone must... thank God for them.  I was going to Re-Blog a lender who posted it but went with YOURS thanks. 

3:42pm • #4
NOV
08
340,118 Points 3 Featured Posts Outside Blog

Great chart...Jim and Maureen...hey Maureen...what made you decide to "get corny" ?  We miss your red locks..and smiling face !

6:35am • #5
606,901 Points 59 Featured Posts Localism Sponsor Outside Blog

It was in my mailbox to on Friday from my bosses, bosses, boss?   Harley E. Rouda Jr. (HER in Real Living HER, or HER Sr. was the orig HER)  mailed the chart  to us...  couple of attachments.  I did not see the chart.  

12:35pm • #6

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Maureen McCabe Central OH Homes

Columbus, OH

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Real Living HER Worthington MaureenMcCabe.com

Address: 6902 N. High St. , Worthington , OH, 43085

Office Phone: (614) 825-8842

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A blog written by an agent with Real Living HER in Columbus Ohio.


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