$8000 Home Buyer Tax Credit Renewed

$6500 Home Buyer Tax Credit Expanded to Existing Homeowners   (See Below)

Bringing the Dream of Homeownership Within Reach

 As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

·     Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

·     Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

·     First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

·     Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

1.     The price of the home.

2.     The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Is there an extension for active duty military?

Yes. In this bill which extended the $8000 tax credit and started the $6500 homeowner credit is a provision that gives active duty military an extra year (until April 30, 2011 to sign a contract) if they have been deployed overseas for 90 days or more during 2008 or 2009.  It also restores tax exempt status of payments made under HAP.

 With the $8000 First Time Home Buyer Credit and the $6500 Existing Homeowner Tax Credit, it's a Great Time for a Home Purchase. Interest Rates Are Still at Historical Lows. Home Prices Have Declined . If You're Looking for a Home to Live in, There's no Better Time than Now. We are in a Buyers Market and Most Sellers are Contributing Closing Costs. I’ll Help You Get Pre-Approved. I’ll Help You Find Your Dream Home. I’ll Help You Through the Home Buying Process.

  Whether your a first time buyer, seasoned buyer or investor, I will help you  find what you're looking for. I have experience with many types of buyers, from military families with VA loans, to FHA, VHDA, Conventional, cash, credit line and some with Community Grants. I have been a Virginia Real Estate Agent since 1996, Helping Buyers and Sellers in Hampton Roads. A home purchase is all about you and you will determine your wants and needs in your new home.

   In today's competitive buyers market, timing is everything. Beat other homebuyers to the hottest  homes for sale in Hampton Roads, also known as Tidewater  Virginia. Whether your searching for, Virginia Beach Homes, or homes in Chesapeake, Norfolk, Portsmouth, Suffolk, Hampton, Newport News, Yorktown, Williamsburg, James City, Isle of Wight, Smithfield, Poquoson and Gloucester, Call me, I can Help You Find Your Dream Home. It's Only a Phone Call or e-mail Away!!! 

  Search our extensive inventory of available properties in all of Hampton Roads. All information is current and available 24-hours a day, 7 days a week. http://dominickbeatrice.rein.mlxchange.com/

  Please use the Free Information, like the Free Mortgage Calculator, MLS Home Search, City Tax Records, Reference Links to Government Forclosures, HUD, VA, VHDA, and the NSO Registry. Area School Websites. About Virginia includes State Information and City Websites. Free Reports has More Home Buying Information.

  Selling a home is this market is a complex undertaking. I possess a wide range of real estate experience and will try to sell your home in a timely and professional manner. Hiring me, a real estate professional, will help save you time and money. 

  Together, we will determine the current value to sell your home. I will make sure that you get the most out of this real estate transaction by taking advantage of cutting edge technology, MLS services, networking and extensive internet marketing. I promise to make your real estate experience as stress-free as possible. If you owe more than your home is worth call me. I can Recommend a Short Sale Specialist.