Several More Months Of An $8,000 First Time Buyer Tax Credit PLUS A New $6,500 Tax Credit For Long Time Residents Of Same Principal Residence


Several More Months Of An $8,000 First Time Buyer Tax Credit PLUS A New $6,500 Tax Credit For Long Time Residents Of Same Principal Residence
By Scott Rogers • November 6, 2009
THE NEW TAX CREDIT IS COMING, THE NEW TAX CREDIT IS COMING! The House has passed the bill, as has the Senate, and the President may sign it as soon as tomorrow (November 6, 2009). That's right --- the tax credits for home buyers are continuing --- and now they are being applied more widely. FIRST-TIME BUYERS You now have several more months to buy your new home --- you don't have to close by Nov 30 / Dec 1. In fact, as long as you have the property under contract by April 30, 2010, you'll have until July 1, 2010 to close on the property. The tax credit is still $8,000 with several imitations on income, home price, etc. LONG TIME RESIDENTS OF SAME PRINCIPLE RESIDENCE There's something for you too! If you have owned and used the same residence as your principal residence for 5 (consecutive) years out of the last 8 years, you will likely be eligible for a $6,500 tax credit. The deadline for closing is July 1, 2010 (as long as the property is under contract by April 31, 2010.) TIMING One important note here on timing --- if you're a first-time buyer, this new bill just extends your deadlines. If you're a "long time resident of same principle residence" you'll can close on your new house (and be eligible the tax credit) as soon as the bill is signed into law. That is to say that if you're a move-up (or down) buyer ready to close tomorrow (November 6th), you might want to wait another few days for the President to sign the bill. You'll enjoy an additional $6,500 net gain --- in the form of a tax credit. INCOME LIMITS The new income limits are $125,000 for single buyers and $225,000 for couples. THE ACTUAL LEGISLATION Interested in the details of the actual bill? Click here. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 25, 2024 (unless otherwise noted).
Comments (3) or Subscribe