New Revisions to the Tax Credit for 2009

As modified in the American Recovery and Reinvestment Act

 Here are the quick down and dirty bullet points for the revisions to the tax credit. While we may have 'lost' the $15,000 carrot that was dangled over the past few months there are some big improvements over the previous plan. First it is increased slightly... but most importantly, You DON'T owe it back if you occupy the primary residence for 3 years.

Here are the important points to share with your buyers:

• Maximum Credit INCREASED to $8,000.
• Any single family primary residence eligible:(including condo, co-op, townhome.)
• Reduces or eliminates income tax liability for the year of the purchase
• Income limit: $75k single, 150k married  and phases out above 95k/170k
• First time Buyer only (may not have owned a home in the past 3 years)
• Purchasers using state bond programs are eligible
• No repayment for purchase made January 1, 2009 through December 1, 2009
• Recapture only if home is sold within 3years of purchase (for homes purchased in 2009)
• Program ends December 1, 2009
• Revisions to previous plan are effective as of:   January 1, 2009

 That is the quick easy to read version of the plan!

Have a great week!

Rob

Robert Rauf

www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Real Estate Mortgage Network

 NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey