First Time Home Buyers Credit Not Just For First Time Home Buyers Anymore.

On November 6th President Obama signed the first time home buyer credit into law. The previous first time home buyer credit was going to expire at the end of November. The new first time home buyer tax credit is a little more improved than the first one and includes others, not just first time home buyers. Under the old tax credit, first time home buyers that had an income below $75,000 for singles and $150,000 for couples would receive an $8,000 tax credit if they purchased and closed on a home before November 30th. Under the new tax credit first time home buyers that have an income of $125,000 or less for singles and $225,000 and below for couples will receive a tax credit of $8,000 if they are under contract by April 30th 2010. The home being purchased must also be under $800,000 The buyers then have 60 days to close. This is good especially with the real estate market being full of short sale properties that can sometimes take months to close. Who else is included? The new tax credit also includes buyers who have lived in their home over 5 years. These buyers are under the same income and timeline restrictions as first time home buyers. While they will not recievce an $8,000 tax credit, they will receive a $6,500 tax credit. This is a great time to buy in Myrtle Beach, there are a lot of great deals for first time home buyers and for buyers who made need a little more or less space than they currently have, but time flies now is the time to start talking to a real estate professional to see how your needs can be best met and to find the best property for your money. :: :: :: :: :: :: :: :: :: :: ::