Home Buyer Tax Credit or No Money down purchase!

By
Real Estate Agent with ExecuHome Realty-LuckNet Real Estate Group

 

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.

  

Feature

  

December 1 - April 30, 2010 Rules

As Enacted November 2009

  

  

First-time Buyer - Amount of Credit

  

 

$8,000

 

  

First-time Buyer Definition for Eligibility

  

 

May not have had an interest in a principal residence for 3 years prior to purchase

 

  

Current Homeowner - Amount of Credit

  

 

$6,500

  

Effective Date - Current Owner

  

 

December 1, 2009

  

Current Homeowner Definition of Eligibility

  

 

Must have used the home sold or being sold as principal residence consecutively for

5 of the 8 previous years

 

  

Termination of Credit

  

 

Contract date on or before April 30, 2010 and

Settlement before July 1, 2010

 

  

Binding Contract Rule

  

 

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

 

  

Income Limits

  

 

$125,000 - Single

$250,000 - Married

Additional $20,000 phase out

 

  

Limitation on Cost of Purchased Home

  

 

$800,000

  

Purchase by a Dependent

  

 

Ineligible

  

Anti-Fraud Rule

  

 

Purchaser must attach documentation of purchase to tax return

 

 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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