Thursday, November 12, 2009
Home Buyer Tax Credit Extension Information
Broker/Realtor, NC/SC ABR, e-PRO
The Home Buyer's credit started last February as part of the Obama administrations massive economic stimulus bill. Originally it was supposed to expire on Dec.1, but thanks to overwhelming interest - it has now been extended to home purchases that are entered into agreement before May 1, 2010, and closed before July 1, 2010.
The original credit amount for a "first-time home buyer" remains at 10 percent of the purchase price, up to a maximum of $8,000. A first-time home buyer is defined as someone (or a spouse) who has not owned a home in the last three years. The credit was phased out for singles with Adjusted Gross Income (AGI) of $75,000 and married couples with AGI of $150,000, but the new law increases the phase outs to $125,000 and $225,000, respectively.
In addition to the extensions of the credit for first-time home buyers, the new law allows for a tax credit for home buyers that already own homes. A new credit of 10 percent of the purchase price, up to $6,500, is available to buyers who have lived in their present homes for 5 consecutive years of the past 8 years. This credit is meant to spur on "move up" buyers.
I am sure you are wondering what, if any, limitations exist. The credit, whether used by a first-time home buyer or a long-time resident home buyer, applies only to primary residences, and the purchase price must not exceed $800,000. The new law also extends the deadline for U.S. Armed Forces members deployed outside the U.S. There seems to be general consensus that this law will not be extended again. So break the piggy-bank open and make that move to home-owner status NOW!
If you live in the Charlotte, Mint Hill or Matthews aream and are looking for more infoermation on how you can take advantage of this great opportunity - cantact Rich Ferretti at 704-564-0807
Charlotte's Custom Home is here for you. Feel free to comment below if you have any questions about your custom home, or email us at firstname.lastname@example.org and we will make sure you are connected with the right custom home expert.
Posted by Charlotte's Custom Homes at 10:47 AM
This is fantastic news. Rich you have always been there for us.
John and Berta
- November 12, 2009 11:58 AM
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Charlotte's Custom Homes
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