Taxes!
Just thought I should bring this up since tax season has arrived. Congress wants to stimulate the housing market, which is lucky for those of you thinking about buying a home. This means that last fall congress approved the, Extended Home Buyer Tax Credit up until April 30, 2010. Even if you are a repeat buyer, you can now be approved for this credit.
If you are interested take a look at these facts:
-Deadline: Binding written contract by APRIL 30TH and close by JULY 1st! (Now is really good time to buy…)
-Money: Maximum allowable credit for first timers is, $8,000.00, long time residents and repeat buyers is, $6,500.00
-If your home is condo, town-home, co-op, or single family home, you are eligible.
-The new law raises income limits for people who purchase homes after Nov. 6, 2009. It is now at a gross income of, 125,000 or 225,000 for joint filers. Those with higher incomes do not qualify.
If you have not owned a residence in the last three years you qualify as a first time home-buyer. If you have sold your home within the last eight years you qualify for a repeat buyer.
Don’t let the feds take all your vacation money, be smart about what you owe!
Thanks to Realtor Magazine for the info…
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