Tax Credits Provide Outstanding Opportunities for Home Buyers

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

1st Time Home Buyer -

• The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

Move Up/Repeat Buyer -

• The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

Keep in mind that current escrows are running 45 days.

Feel free to contact me for more information and you can also go to the National Association of Homebuilders website or more info as well..... http://www.federalhousingtaxcredit.com/home.html

UPDATE! Home Buyer Tax Credit Extension

The House of Representatives approved legislation that would extend and expand the $8,000 tax credit for first-time home buyers. While there is more work to be done, a bill may reach President Obama for his signature by the end of this week. I will continue to monitor this situation to see if you may be able to benefit from the bill once it's finalized.

There are multiple factors that make the time to buy very attractive for most people right now.

• You have the extension of the 1st Time Home Buyer Tax Credit....
• The addition of a tax credit for step up buyers (see previous post)....
• The Federal Reserve left interest rates unchanged....
  With the nation's financial conditions "roughly unchanged," the Federal Open Market Committee decided to leave rates at the current zero to 0.25 percent for an extended period of time. The group said inflation was expected to "remain subdued".

There are also multiple FHA, government backed, financing options available that really make this a great time to buy.