| Although the home buyer tax credit has expired for buyer signing contracts after April 30th, the CREDIT REMAINS IN EFFECT AN ADDITIONAL YEAR for military personnel and foreign service employees DEPLOYED OVERSEAS FOR 90 DAYS or more between January 1, 2009, and April 30, 2010. These individuals can still claim the credit if they sign a contract on or before April 30, 2011, and close on or before June 30, 2011. |
More Good New's for First-Time Home Buyers in North Carolina: Read on for details..... MAKE HOME HAPPEN With a Mortgage Credit Certificate! Save up to $2,000 a year on income taxes Sale Price up to $220,000 Can be used every year for the life of the loan Can be combined with $8,000 federal credit
Downpayment Assistance upto $8,0000 Available thru the North Carolina Housing Finance Agency.
Learn More at www.nchfa.com . Let us help you buy your first home! |
LESS THAN 60 DAYS LEFT TO TAKE ADVANTAGE OF THE TAX CREDIT!!!!!
BREAKING NEWS! TAX CREDIT HAS BEEN EXTENDED!
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers
There's great news for first-time home buyers who have purchased or will purchase a home in 2009 - 2010!
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. There is no pay-back requirements for this tax credit. The $8,000 credit was scheduled to lapse on Dec. 1, but will now be in effect through the end of June. Homebuyers must sign a contract before APRIL 30th and close by JUNE 30th. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers - those who have not owned a home in the past three years - still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.
WHO QUALIFIES?
Here are four scenarios illustrating how the tax credit rules for existing homebuyers will apply:
Harry owned a home in 2001 and 2002 but sold it to relocate for a job. He would qualify for the $8,000 first-time buyer credit because he has not owned a home in the past three years.
Sue pruchased a home in 2004 and has lived there since. If she decides to buy a new home, she would qualify for the $6,500 tax credit because she has lived in the same residence for five consecutive years in the past eight.
Jane purchased her home in 2002, lived there for five consecutive years before she rented it out in 2007. She would qualify because she was an owner/occupier for at least five consecutive years in the past eight.
Mark purchased a home in 2006 and lived there for the past three years. He would not qualify because he is neither a first-time homebuyer nor someone who lived in the same primary residence for five consecutive years out of the past eight.
Looking for a Real Estate Company that Represents you the Buyer? Let us to help protect you! We are here to help.
We are a full service real estate company that can help you find your new home. Click on the icon above to start receiving automatic email alerts when a new property in your price range and area of selection is listed!
Toll Free: (800)523-2907