Posted by: apriljobeasley | November 10, 2009

Home Buyer Tax Credit Extended and Expanded!

This is awesome news for those interested in purchasing their first home or those moving up!  The government is offering you FREE money just for buying a home.  The credit is up to $8,000 for first time buyers and $6500 for move up buyers.  See the chart below for more information:

  • First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
  • Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
  • There will be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
  • Income limits are now $125,000 for singles, $225,000 for married couples
  • FEATURE FOR FIRST-TIME HOMEBUYERS FOR CURRENT QUALIFYING HOMEOWNERS
    Amount of Credit $8,000 ($4,000 married filing separate) $6,500 ($3,250 married filing separate)
    Eligibility May not have had an interest in a principal residence for 3 years prior to purchase Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
    Termination of Credit Purchases after April 30, 2010 Purchases after April 30, 2010
    Binding Contract Rule  N/A So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close
    Income Limits $125,000 – Single

    $225,000 – Married

    Additional $20,000 Phase Out

     $125,000 – Single

    $225,000 – Married

          Additional $20,000 Phase Out

    LImitation on Cost of Home Purchased  $800,00 $800,000
    Second Home Purchase N/A Ineligible
    Purchase Made by a Dependent Ineligible Ineligible
    Additional Requirements Purchaser must attach documentation of purchase to tax return Purchaser must attach documentation of purchase to tax return

    Information courtesy of http://www.realtor.org and http://www.whitehouse.gov

    CALL ME TODAY TO SET UP AN APPOINTMENT TO FIND OUT HOW TO GET STARTED IN THE HOME BUYING OR SELLING PROCESS!  334.782.5650

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