first time home buyers. After that success, the government is now
giving not only $8000 tax credits to first time home buyers but also a
$6500 tax credit to those who have lived in the same house for at
least five of the last eight years!
So if you have been thinking of upgrading or downgrading your home,
there is not a better time than now!
The tax credit effective date is Nov 6th 2009 (the day President Obama signed the bill) to
April 30 2010; therefore you will want to act quickly to take
part in the program.
As with all government programs, there are some details you will want
to be aware of:
- income limit for the $8000 first time home buyer credit is $75,000 single/$150,000 married
- income limit for the $6500 current home owner credit is $125,000 single/$225,000 married
- to be eligible for current home owner credit, owner must have lived in primary residence being sold for minimum 5 consecutive years in the last 8 year period
- for current home owner and first time home buyer credit, binding contract must be written by April 30, 2010 and closing by July 1, 2010
- for current home owner credit, home being purchased must be less than $800,000 (no limit for first time buyer)
- current home owners must attach documentation of purchase to tax return
- dependents are ineligible for the home owner credit
This is a great deal I strongly encourage those sitting on the fence
to take advantage of! With the offer, I know there will plenty of
great deals for those who want to move! Contact me at 469-835-0540 or mike@teamtobin.com
and can get you set up on a home search today!
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