Did you know that you may be eligible for up to $8,000 now that Congress has extended and expanded the Homebuyer Tax Credit? If you have questions about the Hombuyer Tax Credit Changes, the National Association of Realtors is a great resource to turn to in order to learn more. Many luxury home buyers in the Atlanta area, as well as across the nation, are taking advantage of this great opportunity, and want to know more.
The first document we'd like to share with you is a PDF entitled NAR Homebuyer Tax Credit Changes. This file includes an easy to read table which highlights the differences of the credit prior to its original expiration date of November 2009, versus the expanded and extended version, which continues through April 30, 2010. One of the changes that was made focuses on income limits. As you can see, prior to December 1, the credit included individuals making up to $75,000, and couples earning $150,000, with an additional $20,000 phase out. Now, the limits have been raised to $125,00 for people who are single, and $225,000 for those who are married, with an additional $20,000 phase out remaining the same.
The next resource is another PDF file, NAR FAQ Homebuyer Tax Credit Changes, which provides answers to the most frequently asked questions people have about the Homebuyer Tax Credit. It answers useful questions such as whether or not existing homeowners need to purchase a home that costs more than their current home to earn the $6500 credit, and meet all the eligibility requirements (to which the answer is no, a resident can move to a home which costs less than their current home).
The Cheri Riley Group is here to work with you as you purchase your next Atlanta Fine Home. We will be glad to answer any questions you have about the Homebuyer Tax Credit, as well as introduce you to reputable lenders that can further help you throughout the process.