Woo Hoo! Extended and Expanded Tax Credit!

By
Real Estate Agent with Century 21 Covered Bridges Realty, Inc.

Uncle Sam Refunding Home Buyer Tax Credit

 

 

 

HOME BUYER TAX CREDIT

EXTENDED AND EXPANDED

 

What are you waiting for?

 

 

The awesome opportunity for a first time home buyer to receive $8000 free money from Uncle Sam was due to expire later this month.  On November 6th, the Worker, Homeownership, and Business Assistance Act of 2009 was passed which extends the first time home buyer tax credit for buyers entering into a binding contract by April 30, 2009 with settlement completed by June 30, 2009. 

In addition, a new progam became effective immediately for move up or repeat home buyers.  These buyers, who have lived in their primary residence for five consecutive years of the past eight years, may be eligible for a tax credit of $6500. 

These tax credits are literally "free money" and are not required to be repaid as long as the buyer lives in the property for a minimum of 36 months (and there is also a military exception).  The income limitations have been raised with this new and improved tax credit, and the sale price of the home purchased must be $800,000 or less.

There has NEVER been a better time to purchase a home!  Interest rates are still at 30 year lows, there are a lot of properties to choose from, and housing affordability is at its highest level ever! 

If you are interested in purchasing a new home in Bloomsburg, PA, or anywhere in Columbia, Montour, or lower Luzerne Counties in Pennsylvania, contact me for award winning quality service.

For explicit details about the extended and expanded tax credit, just click on the link below.  It is also advisable to contact your tax advisor before entering into an agreement of sale to determine if you are eligible for the tax credit.

http://www.federalhousingtaxcredit.com/home.html

 

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Dorothy B. Rhone

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