Comparing present homebuyer tax credit to extended version

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

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

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Re-Blogged 8 times:

Re-Blogged By Re-Blogged At
  1. Maureen McCabe 11/07/2009 02:55 AM
  2. Missy Caulk 11/07/2009 12:26 PM
  3. Marchel Peterson 11/07/2009 12:37 PM
  4. Margaret Goss 11/08/2009 09:56 AM
  5. Tammie White, Broker 11/08/2009 12:24 PM
  6. Larry Brewer - Benchmark Realty llc 11/09/2009 01:14 AM
  7. Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages 11/09/2009 02:25 AM
  8. Barbara Martino-Sliva, Top Producer 11/09/2009 10:40 AM
Topic:
Real Estate Market Trends
Location:
Tennessee Knox County Knoxville Gulf Park
Tags:
homebuyer tax credit

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Rainmaker
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Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Jim, I rarely re-blog but you did a great job of comparing the previous credit with the new credit;  along of course with the information from the NAR.

Nov 07, 2009 12:39 PM #1
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Rainmaker
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Jim Lee

Portsmouth NH Realtor, Portsmouth, NH
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