Obama Signs the Extended Tax Credit Into Law

Dont miss this can*t miss opportunity in becoming a Home Owners:
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On November 4 , 2009 Congress Passed (H.R. 3548) which extends the $8,000 home buyers tax credit to April 30, 2010 by 98 to 0 votes.  This bill was also approved by the house on November 5, 2009. 

Today, November 6, 2009 the lesgislation, which is part of a larger bill that also extends unemployment benefits was signed into law by President Obama Today.

More people are now eligible to take advantage of the law, which includes $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income Limits for eligible home buyer were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples.  Qualify home prices are capped at $800,000.

 

Home Buyers Tax Credit Extended and Expanded

  Current New
Effective Date January 1, 2009 November 7,2009
Deadline
  • Close on or before November 30, 2009
  • Contract signed before May 1, 2010, must close before July 1,2010.
  • Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount
 		      
  • First time : maximum o$8,000 or 10% of sales price
         
  
  • First - Timers:  Unchanged
  • Prior Owner $0
  • Prior Owner : $ 6,500 if lived in prior home for at least 5 years of the past 8 years.
Income Limit
 
  • Individual : 75,000
  • Individual : $125,000
  • Couple : $ 150,000
  • Couple : $ 225,000
Other Restrictions Home must be primary residence
for at least 3 years.  If home is sold or buyer moves before 3 years 
one must re-pay full amount of credit.
 		     
    Buyers must be at least 18 years old and not  
    classified as a dependent for tax purposes.

    Home must cost less than $800,000

     New home must be primary residence for at 
     least 3 years following purchase. If  home is sold
     or buyer moves, before 3 years, one must repay
     full amount of credit.  Exception for military, foreign 
     services, or intelligence with extended 90 days
     service overseas.

 
How to claim
   If purchased in 2009 by     
   amending 2009 tax return or   
  claiming on 2010 tax return.
     If purchased in 2010, by amending 2010 tax  
    return or claiming on 2011 tax return.

 

8,000 Reasons why theres never been a better time to buy a home

Thanks to the efforts of the NATIONAL ASSOCIATION OF REALTORS*, Congress is now offering a new $8,000 tax credit to help first-time homebuyers, like you, to purchase a home. First Time buyers may buy a principal residence before December 1, 2009, to be eligible for the credit

Wow! Exciting NEWS: Tax Credit Can Be Used on Closing Cost

FHA-approved lenders to received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans cannot be used to cover the minimum 3.5 percent
The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

So, don't wait ? Please contact me for more information about this can*t-miss opportunity.Call and ask for: Laura Ibarra @ 951 238-9490