It’s Official The first time home buyer tax credit has been extended until April 30, 2010 This is great news for buyers willing to take advantage of this deal. Some other changes are the income limit has increased to $125,000 for an individual or $225,000 for a married couple. One other fantastic change is that as long as the buyer has a binding contract in place on or before the April 30th dead line, they will have until July 1, 2010 to close the transaction. This means you can work on obtaining a binding contract all the way up to April 30, 2010 and still meet the guide lines. Remember a first time buyer is any one that has not owned a home in the last 3 yrs. Motivational Incentive First time home buyers are not the only ones getting a break on making a purchase. If you have thought of making a purchase there is more of an incentive now, actually $6,500 worth of incentive. You must have used your home that sold or is being sold as your principle residence consecutively for 5 of the previous 8 years, and the home you purchase must be your primary residence. The same income limits and time lines as listed above apply for this tax credit as well. Also if you are a current Florida resident selling your primary residence you may be able to take advantage of the save our home property tax portability to save on your real estate taxes with the purchase of your new primary residence. If you, or some one you know would like to take advantage of these great incentives give me a call today. Whether buying or selling I am here to help. |