Via Jim Lee, Knoxville Tennessee Realtor® (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
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About The Author 

Barbara Martino-Sliva, Realtor® at Dale Sorensen Real Estate Inc., VERO BEACH FLORIDA is the author of this blog and several other sites on the Internet. She has also been a guest speaker on an on-line radio program dealing with Florida and Vero Beach Real Estate and a columnist for the digital magazine FLORIDAYLIFESTYLEONLINE. Barbara is your Real Estate Connection in the Vero Beach area, and is always available to help you with your Real Estate needs. If you have decided that quality of life in VERO BEACH  is worth seeing, call her anytime at 772-321-4484 or to search for homes visit: www.VeroPremierProperties.com and her Vero Beach Blog: www.VeroBeachRealEstateVoice.com.

Over 90% of all homes are found online. I create a dominating online presence for my clients properties. My Real Estate blog is highly indexed in GOOGLE.

 

 

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                                       Vero Beach Realtor Barbara Martino-Sliva, Vero Beach Real Estate

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1 Comments on Comparing present homebuyer tax credit to extended version

NOV
10
2009
1,142,810 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Barbara!  Glad you re-blogged this one--very clear points and comparison of the key points to the new Bill.  Thanks and have a wonderful Wednesday!
11:47pm • #1

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Barbara Martino-Sliva, Vero Beach Real Estate, Homes for Sale

Vero Beach, FL

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Author Bio: Barbara Martino-Sliva brings 20+ years of Real Estate experience to every transaction.

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