First Time Home Buyer's Tax Credit 2.0
The extension of the 2009 First Time buyers tax credit not only gives procrastinators a little more time to take advantage of the up to $8K tax credit, the extension also offers some exciting new benefits.
Members of the Armed Services, intelligence, and foreign services, who are on active duty and spend a minimum of 90 days outside of the US in 2009, will get an additional year to buy their homes, up to May 1st, 2011.
Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence, and Foreign Service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business
Move up Buyer Benefits:
For sellers who have lived in their homes, as a primary residence, for a minimum of five consecutive years, there is a brand new $6500 tax credit for the purchase of a new or existing home that is in contract between Nov. 7th 2009 and April 30th, 2010 and closed by July 2010.
The general sense seems to be that this will be it for this tax credit. When the deadline for the first credit was approaching there, were many folks left panicked thinking they had missed an awesome opportunity. Do not be left on the sidelines call me at 614-273-6406 or email me at firstname.lastname@example.org and let us make sure you find your dreams home in time to take advantage of this credit.