3rd February 2010

Tax Credits Benefit Both First Time Buyers and Current Homeowners

cash-credits 

Closing deadline extended to June 30, repeat buyers offered up to $6,500

 

Lately, I am getting more and more calls and emails each week asking about the details and deadlines for the home buyer tax credits, so I thought it would be helpful to place a new post on both www.RobertWhitfield.com, and my blog, www.TheWhitfieldAdvantage.com to highlight the main points.  First time homebuyers aren’t the only ones who can claim a tax credit when they purchase a home –current homeowners can take advantage of the tax break as well.

Prospective buyers, both first time buyers, and current homeowners now have until June 30, 2010, to close on their purchase and will need to submit documentation such as their closing statement (HUD 1) along with their tax returns to claim the credit. Buyers can also file an amended return and get their cash even faster. Here are the details:

FIRST TIME BUYER CREDIT

Credit: Equal to 10 percent of the home’s purchase price, up to $8,000 (ie. buy a home costing at least $100Kand you get the whole $8000.)

Who Qualifies for First Time Buyer Credit:

·                     Those who haven’t owned property in the last three years

·                     Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)

·                     Must be at least 18 years of age to claim credit

·                     Purchase price must be $800,000 or less

Important Deadlines:

·                     Buyer have until April 30, 2010, to enter into an accepted (binding) contract for a home purchase

·                     Buyer have until June 30, 2010, to close on the purchase

CURRENT HOMEOWNER CREDIT

Credit: Equal to 10 percent of the home’s purchase price, up to $6,500

Who Qualifies for Current Homeowner Credit:

·                     Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years

·                     Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)

·                     Must be at least 18 years of age to claim credit

·                     Purchase price must be $800,000 or less

Important Deadlines: (Same as for first time buyers)

·                     Buyers have until April 30, 2010, to enter into binding (accepted) contract for a home purchase

·                     Buyers have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac — set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The Atlanta MSA is NOT considered a high-cost market – we are a normal market. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

What this all means is that if you’re even remotely considering buying a home, now’s the time to do it.

Contact Robert Whitfield at 678-585-9691 for more information about these great Buyer Bonuses, as well as other bonuses offered by various metro Atlanta counties for those who qualify, and various Atlanta homebuilder bonuses as well. To learn about our unmatched client level assistance for Buyers – Direct Broker Representation and the Wise Buyer Program, visit: www.TheHomeBuyersRep.com and click Compare Services – this program provides buyers far more benefits, diligent services, and protections than the “industry standard services’ offered by any other agent/realtor in metro Atlanta.

This entry was posted on Wednesday, February 3rd, 2010 at 7:36 pm and is filed under Buyer Incentives, Mortgages, New Posts. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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