Homebuyer Tax Credit Expires Soon!

In order to take advantage of the Homebuyer’s Tax Credit for new Homebuyers you need to be in a written binding contract to purchase a home by April 30, 2010. You have till June 30, 2010 for the loan to close. This is a great incentive to get out there and find that home you have been looking for.

A new Homebuyer is someone who has not had an interest in a principal residence for 3 years prior to purchase. The amount of the credit is up to $8,000.

Current homeowners must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. The credit is worth up to $6,500. ($3,250 if married filing separate)

For the New homebuyer there are income limits up to $75,000 is single and $150,000 if you are married. No limitation on the cost of the purchased home.

For current homeowners, the income limit up to $125,000 if single and $225,000 if you are married. There is an $800,000 limit on the cost of the purchased home.

This has been a great incentive to make a move in the housing market. Lots of information on this credit is available at www.realtor.org or feel free to get in touch with BJ or Suzanne. We would love to open a door for you!