home purchase: Extended Tax Credit - What It Means This Time - 12/16/09 05:22 AM
The original tax credit was targeted for first-time home buyers and expired at the end of November.  However, the government revised the plan and expanded it to include all buyers of primary homes. Along with the current buyer's market that we are experiencing, this is an added bonus to most homebuyers.
Here's how it works:
Who Can Take Advantage of This?                                                      
All first-time buyers (designated as not having owned a home in the past three years) and current homeowners who have have lived in their home for five consecutive years during the past eight years before they purchase the new … (3 comments)

home purchase: Proposed Tax Credit - How Will This Sweetener Affect You? - 02/07/09 07:44 AM

First, this bill has not passed Congress yet - just the Senate.  But what a hopeful sign for potential homebuyers.  This is a real tax credit not a loan and is not limited to first-time buyers (as the recent $7500 "credit" was.)  
Here' the bill At A Glance:
Buyers would get 10% of the purchase price up to $15,000 applied to their tax bill It applies only to primary home purchases (to deter speculators) Anyone who buys a home within 1 year of the bill's signing would qualify If you've already completed a purchase, this bill won't apply There is … (2 comments)

 
Margaret Goss, Chicago's North Shore & Winnetka Real Estate  (Baird & Warner Real Estate) Rainmaker large

Margaret Goss

Chicago's North Shore & Winnetka Real Estate

Winnetka, IL

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