The drama is over for Las Vegas valley's - including Summerlin, Southern Highlands, Green Valley, North Las Vegas, Anthem and Mountain's Edge - residents. The first-time home buyer tax credit has been extended because many considered it a strong demand booster for the ailing housing market and more of the same is needed at least for the time being. In fact, it was expanded to include the move-up buyer as well, a factor that should further power the demand side. Let's look at a few of the more appealing aspects a move-up buyer can enjoy with the up to $6,500 tax credit.
The contract deadline is April 30, 2010, preferably with the mortgage already approved and ready to go, and closing needs to happen by June 30. That's the time line.
The move-up, or repeat, buyer is one who has owned and lived in the same property five consecutive years of eight years before the purchase date. He can buy a home that is less expensive than the existing one.
Single taxpayer income limit is set at $125,000 and married taxpayers filing jointly are at $225,000.
The new home has to be the buyer's primary residence. The legislation says nothing about the old home, so it can become a rental or a second home. Selling it now for a reasonable price in Las Vegas would probably be tough, therefore hanging onto it for a spell would make sense. The new house's price ceiling is pegged at $800,000.
Just about any type of a home will qualify. Existing and new construction single-family houses, condominiums, townhouses, manufactured and mobile homes and even boats that are used as principal residences. Investment property and vacation homes are out of luck here.
These are the highlights of the program and may bring Las Vegas homeowners something they can work with. Especially useful can be the provision that the old home does not have to be sold to qualify for the tax credit. An excellent website that will offer further details can be accessed here: http://www.federalhousingtaxcredit.com/