Congress officially extends Home Buyers Tax Credit!
Tax Credit for Existing Home Owners - Frequent Questions
The tax credit extension became official when President Obama
signed it into law on Friday November 6, 2009. The $8,000 first-time
home-buyer tax credit, which was slated to expire Nov. 30, 2009, will be extended for
contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers,
who are in the process of closing now, no longer have to worry about qualifying for the
$8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation
also increases the income limit for couples with income up to $225,000, a nearly $55,000
increase above the current level.
The new extension also expanded the tax credit to include those who currently own a home.
The $6,500 maximum credit will be available to existing homeowners who have lived in their
current residence for five of the prior eight years. The legislation does set forth several
provisions including, limiting eligibility for existing homeowners to homes worth $800,000
or less, as well as making both credits available only for primary residences, not second
homes or investment properties.
The original first-time home-buyer tax credit jump-started the housing market, driving home
sales to the highest level in more than two yeas. The National Association REALTORS®
reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units
in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
Buying a Home
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Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand. One of my specialties is representing the best interests of Anniston area buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful. If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, why not take advantage of my experience as a local market expert for Anniston, Oxford, Talladega, Heflin, Jacksonville, Alexandria, Weaver, Saks, Munford to make the most informed decisions you can, every step of the way? |
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The following articles provide useful information and are a great place to start if you're considering buying a home.
| Advantages of a Buyer Agency Agreement | Why use a Realtor When Buying a Home? |
| How to Choose a Home | Home Inspections Avert Future Headaches |
| Loan Application Checklist |