If you are familiar with Louisville, you know that every year as the horses are led to the post parade for the Kentucky Derby, you can hear the familiar strains of "My Old Kentucky Home" being sung. Well there is cause for singing in Louisville, even if it isn't May! Recently the Home Buyer Tax Credit was extended and expanded!! First time home buyers can continue to take advantage of the program and now repeat homeowners can qualify for a tax credit too!!
New Credit for Repeat Home Buyers!
Since January of 2009, first time home buyers were eligible for up to $8000 tax credit with purchase of a qualifying home. In the expansion of the program, home owners who have resided in their home for five consecutive years out of the last eight may qualify for a tax credit up to $6500 when they purchase a new home! If you are ready to upgrade your living accommodations, now is the time!
There are income guidelines. For a single filer, the maximum income is $125,000. If you are married and filing jointly you can have an income of $225,000 combined. The home itself can have a purchase price of $800,000 or less and must be a primary residence. From townhouses to manufactured homes, they all qualify under the program.
If you have questions about the Home Buyers Tax Credit or about real estate in Louisville, call Mollie Younger! Your local real estate expert!
First Time Home Buyer Credit Still in Place
For first time home buyers, the $8000 tax credit has been extended! Whether you are a repeat buyer or a first time home buyer you now have until April 30th to have a binding contract on a home. What is different is that you have until June 30th to execute the closing. The income guidelines are now more generous for first time buyers as well! Before November 6th, the income cap was $75,000 for single filers and $150,000 for those who filed jointly. The income guidelines have increased to $125,000/$225,000 respectfully.
Generally speaking, the tax credit is 10% of the homes purchase price with a maximum of $8000 for the first time buyers and $6,500 for repeat buyers. There is not a better time to buy your own Louisville home! With home prices averaging $100,000, the tax credit can make a huge impact on your bottom line! If you want to sell your home, there are eager buyers waiting to make you an offer!
If you have questions about the Home Buyers Tax Credit or about real estate in Louisville, call Mollie Younger! Your local real estate expert!
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