As most have probably already heard: The First Time Home Buyer Tax Credit of $8000 has been extended until April 2010! Did you also hear that an addition was made to the progam to include current homeowners to receive a $6500 tax credit when purchasing a new home?! Get ready to claim your bailout money----check the table below for the new credits.
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December 1 - April 30, 2010 Rules As Enacted November 2009
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First-time Buyer - Amount of Credit
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$8,000
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First-time Buyer Definition for Eligibility
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May not have had an interest in a principal residence for 3 years prior to purchase
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Current Homeowner - Amount of Credit
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$6,500 |
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Effective Date - Current Owner
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December 1, 2009 |
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Current Homeowner Definition of Eligibility
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Must have used the home sold or being sold as principal residence consecutively for 5 of the 8 previous years
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Termination of Credit
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Contract date on or before April 30, 2010 and Settlement before July 1, 2010
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Binding Contract Rule
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So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close
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Income Limits
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$125,000 - Single $250,000 - Married Additional $20,000 phase out
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Limitation on Cost of Purchased Home
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$800,000 |
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Purchase by a Dependent
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Ineligible |
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Anti-Fraud Rule
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Purchaser must attach documentation of purchase to tax return
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How would you like to take advantage of the new tax credit by purchasing a new home and not have to put ANY money out of pocket? Are you a veteran of the US Military? Are you active duty getting transferred due to BRAC, but want to set your roots for your family? Check out the Home Loan qualifications to see if you are eligible for a 100% VA loan.
Utilizing this program and asking the seller to pay your closing costs could get you in a new home valued up to $417,000. Of course you must currently qualify for the new loan, but you get your new home with no money down, closing costs paid, and get a check back from the Government for $6500 or $8000!
Contact a lender of your choice-or if you don't know a good lender, give me a call-and you could start the ball rolling to get in your new home by the end of the year!
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