Homebuyer Tax Credits - Move-up / Repeat Buyers Finally Get a Piece of the Action
GREAT NEWS!!!! The 1st time buyer $8,000 tax credit has been extended into 2010 but they have also added a $6,500 credit to move-up / repeat buyers. This is something the entire real estate industry has been pushing for for quite some time. Finally everyone else gets a piece of the action!
There are rules of course.... To claim the $6,500 credit you must have owned and used your present home as your principle residence for 5 consecutive years of the last 8 years and you must enter into a contract to purchase by April 30, 2010 and settle on your new home by June 30, 2010. There are income limits as well, $125,000 for individuals and $225,000 for married couples filing jointly.
The $8,000 1st time buyer tax credit has been extended for purchases with an executed sales contract by April 30, 2010 and settlement by June 30, 2010. The income limits for this credit have also been increased to be a maximum of $125,000 for individuals and $225,000 for married couples filing jointly.
1st time home buyers in Pennsylvania may also be eligible for special 1st time buyer grant programs, closing costs assistance programs and special mortgage financing programs. Purchase price and income limits apply to these programs. Visit my website's 1st time buyer page to learn more. www.FirstTimeBuyersPA.com
Here's a great resource for more information on the homebuyer tax credits. http://federalhousingtaxcredit.com
Browse my website for all kinds of information about buying and selling real estate. Feel free to contact me anytime with any questions you may have. I'm happy to help and appreciate your business.
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Kelly Gidzinski
Keystone Property Connections, LLC
www.YourLifeMoves.com