Special offer

EXTENDED HOME BUYER TAX CREDIT!

By
Real Estate Agent with Berkshire Hathaway GA Prop

   

The $8000 Tax Credit was set to expire on December 1st 2009.  We are happy to announce that both the Senate and House have passed an extension and expansion of the Home Buyer Tax Credit.  The bill is now signed by the President and is official!  This is great news for buyers and sellers of real estate in metro Atlanta and north Georgia.     

 

Overview Of The New Home Buyer Tax Credits:

  •  The $8,000 1st Time Home Buyer Tax Credit Is Extended.  Binding contracts must be executed by 4/30/2010 and closed by 6/30/2010.
  • New $6,500 Tax Credit Is Expanded For Trade-In Or Move-Up Buyers.  The Buyer must have lived in their current residence for 5 of the past 8 years and must live in their new residence for a minimum of 3 years after the purchase.
  • Income Limits Are Raised To $125,000 ($225,000 Joint).  There are phased out credits for incomes up to $20,000 in excess of these limits.
  • Eligible Home Purchase Prices Are Limited To $800,000.  This is a new addition to the previous bill.
  • 2010 Purchases Could Apply For 2009 Tax Returns.
  • No Repayment If Home Is Main Residence For 36 Months.
  • The 36-Month Provision Waived For Active Military Moves.
  • The IRS Will Impose New Anti-Fraud Oversight.

The new trade-in or move-up tax credit is estimated to apply to over 70% of real estate buyers.  There is no requirement to sell your current home - just to make the new home your principal residence for 3 years.  That allows current homeowners to rent their former residence and buy while prices are still low. It also allows buyers to purchase a pre-sale if it can be completed and closed before June 30th 2010.  These are just a few of the new possibilities that are now available for buyers in metro Atlanta and north Georgia.  

  • These low prices and mortgage rates will not last forever! 
  • Are you ready to "move up" to the home of your dreams? 
  • Are you ready to simplify and "trade in" your current property for a lower maintenance lifestyle?   

Please Contact Me To Understand The Opportunities Today!

Information deemed to be accurate but not warranted.  If your home is listed with another broker, this is not intended as a solicitation. 

 


Come to my house:
MySuwaneeHome.com

Comments (1)

Joey Arce
NUllennium Realty/NUllennium Lending - Huntington Beach, CA
Great info! Thanks for putting it out there.
Nov 13, 2009 06:43 AM