Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

 1. The price of the home.

 2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

*Information above was provided from the National Association of REALTORS® website: The Basics: Extended Home Buyer Tax Credit 2009-2010

How Do I Get Started with Buying My Home to Use This Credit?

It's EASY!! First contact me, Mindy Pirczhalski REALTOR®, and we'll discuss what your home buying goals are. I will walk you through the buying process, whether you are buying your very first home or if you are looking to qualify for the revised Tax Credit. It's never too early to discuss your home buying goals, so CONTACT ME TODAY! Text, Call or Email me directly!! (443) 413-9073 / mindypirczhalski@mris.com

Quick Home Search

Address:

MLS#

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/08/2010. The listing information on this page last changed on 09/08/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Bay East MLS (last updated Tue 09/07/2010 8:53:24 PM EST) or MRED MLS (last updated Tue 09/07/2010 6:29:28 PM EST) or Trend MLS (last updated Tue 09/07/2010 6:14:59 AM EST) or CBRMLS (last updated Tue 09/07/2010 6:07:39 PM EST) or MRIS MLS (last updated Tue 09/07/2010 5:52:04 PM EST) or TMLS (last updated Tue 09/07/2010 3:22:59 PM EST) or Sandicor MLS (last updated Tue 09/07/2010 3:10:45 PM EST) or MRMLS (last updated Tue 09/07/2010 3:49:50 PM EST) or CVRMLS (last updated Tue 09/07/2010 9:03:03 AM EST) or EBRDI MLS (last updated Tue 09/07/2010 7:21:08 PM EST) or Baris MLS (last updated Fri 09/03/2010 3:01:57 PM EST) or Rayac MLS (last updated Tue 09/07/2010 11:50:55 PM EST) or Coastal Assoc. MLS (last updated Tue 09/07/2010 12:35:31 PM EST) or Cape May County MLS (last updated Tue 09/07/2010 1:55:31 PM EST). Real estate listings held by brokerage firms other than Advance Realty may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
Privacy Policy

This site is hosted, designed, and copyright © 1994 - 2010 by Delta Media Group, Inc.