Extended First Time Home Buyer Tax Credit for 2010.
The extended first time home buyer tax credit for 2010 will allow more borrowers to purchase a home and receive the $8,000 tax credit even if their income was ineligible in 2009. The revision to the 2009 version has added $50,000 in qualifing income to single purchasers and $100,000 for married couples filing jointly. This is HUGE. If you thought you made too much money, or that the tax credit had expired, then you have ONE LAST CHANCE to take advantage of the government's free handout! For now, the buyer must have a signed purchase sale agreement by April 30th and must close by June 30th.
Please read below for further details including the new $6,500 tax credit for primary residence owners. If you are thinking about buying, please go ahead and get pre-qualified by submitting a secure online loan application. Why not, its free!
Do not miss out on this amazing opportunity and take advantage of the extended first time home buyer tax credit for 2010!
I have buyers who have been looking for months but are getting outbid so many times, or are running out of time waiting for the short sale approval/acceptance of their offers.
Even better, it isn't just first time buyers who have reason to celebrate. A new tax credit was introduced to aid repeat buyers. I wonder if this will apply both for buyers who want to move up as well as buyers who want to downsize.
Although the complete details aren't available yet, here are the key provisions.
First time home buyer tax credit
- Buyers must be in contract by April 30, 2010
- Buyers have 60 days from that day to close escrow to qualify for the tax credit
- Tax credit is $8,000 or UP TO 10% of purchase price
Repeat buyers tax credit
- Defined as homeowners who have lived in their residence for five years
- Tax credit is $6,500
But wait, there's more! The levels for the home buyers were increased! Good news, indeed, for at least one of my buyers who was making more money than the previous qualifying level. So now, there's a chance that he will qualify for the tax credit after all!
- Individuals earning up to $125,000, up from $75,000 for individuals under the current law
- Couples earning up to $250,000, up from $150,000 under the current law'
More tax credits.
Additionally, there are other tax credits that the homeowners can explore. Although folks may argue that these tax credits are costing us....think of another way to look at these credits. They will encourage folks to BUY! And when they buy more goods and services, they (and we) do our share to stimulate the economy.
- federal tax credits for energy efficiency. Time to replace that old furnace? Want to get double pane windows? Need to get better insulation? Want to replace that leaky roof? Old water heater on its last legs? There's an energy-efficient solution to meet your requirements.
- ENERGY (Energy Efficiency & Renewable Energy) STAR appliances that may apply to central air conditions, washers, dishwashers, freezers, refrigerators, and more. More on this as things develop.
Have fun shopping!