Time is running out! In just 24 days the $8,000 First Time Home Buyer tax credit as well as the $6,500 Repeat Home Buyer tax credit both expire. This means you must have a ratified contract on the home you wish to purchase by midnight on April 30, 2010. Once under contract, you must settle and take ownership of the home by June 30, 2010.
Those in the military may have up to April 30, 2011 if they are or have been serving on official duty.
What are you waiting for? Start your home search now.
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.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation. Continue reading
*UPDATE: President Obama has signed the bill into law*
First Time Home Buyers now have until April 30, 2010 to purchase a new home to be eligible for the $8,000 credit.
Great news from Capitol Hill today as Congress has just passed legislation to extend the $8,000 First Time Home Buyer Tax Credit until April 30, 2010! The bill also provides new legislation for a $6,500 tax credit for Move-up or Trade-down buyers that have currently owned a home for at least five years. The legislation was added to an extension of unemployment benefits and was passed by the Senate on Wednesday night. President Obama is expected to sign the legislation into law Friday morning.
View a brief summary of the tax credit extension and expansion legislation.
Start your home search now!
Legislation is currently pending to extend the First Time Home Buyer $8000 Tax Credit, as well as provide a new tax credit for Move Up Buyers (those that currently own a home and are looking to move up to a new home).
See below for a brief overview of the new legislation: Continue reading
ATTENTION FIRST TIME BUYERS:
Time is running out to take advantage of the $8,000 First Time Home Buyers tax credit, which expires on December 1, 2009. While there has been talk of the government extending or broadening the current program, at this time no such legislation has been passed. What does this mean to you?
Remember, the home buying process takes time. This means that in the next 35 days you must:
- Listen to our step-by-step guide for First Time Home Buyers
- Find a REALTOR to help you in the home buying process
- Get pre-approved for a mortgage with a reputable lender
- Find a home
- Write, negotiate and ratify an offer on the home
- Conduct inspections on the property – Appraisal, Termite, Home Inspection, Radon, Well/Septic, etc
- Settle on or before November 30, 2009
For more information, visit our First Time Home Buyer Resource Center, or contact us now for more last minute tips to make sure you meet the deadline!
If you missed out on our First Time Home Buyer Webinar, view it now!
For more information, visit http://northropteam.com/myfirsthome
Some call it the First Time Homebuyer Tax Credit. We call it one heck of a housewarming gift!
You’ve heard by now the government is giving you $8,000. But did you know you can use that $8,000 towards furniture, new appliances, flowers for the front yard, food for your guests at your housewarming party– even pay off a credit card or put into a savings account. It’s cash in your pocket!
It’s that simple. You buy a home. You file your tax returns. You get $8,000. There are no restrictions on how you use the $8,000. There are a few conditions you must meet to qualify for the credit, so check your eligibility by joining our webcast.
Time is running out to take advantage of the credit. You must settle before November 30, 2009!
Register for the webinar to learn more!
Never attended a webinar before? It’s easy! Simply click the link above to register. After submitting your information you’ll receive a confirmation email. In this email will be your own unique link to attend the webinar. On Monday, September 21 around 6:45pm you will click on the link to enter the webinar. You’ll be able to use your computer speakers to listen, or you can use your home or mobile telephone to dial in and listen.