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"First Time Home Buyer" tax credit extended and expanded to include "Move Up Buyers"!

Effective December 1, 2009 the "First Time Home Buyer" credit was extended through April 30, 2010. To qualify for the new tax credit, buyers must have a binding sales contract in place by April 30, 2010, but can close as late as June 30, 2010. If you have not owned a home in the last 3 years, it is possible you qualify for a federal tax credit of up to $8,000.

The tax credit for "Move Up Buyers" is set at $6,500 for houses priced under $800,000. To qualify, existing homeowners must have owned and resided in a home for five of the eight years prior to the purchase date. You do not have to sell that residence to qualify, but the tax credit could help absorb some of the expense of selling it. Details are available in IRS Form 5405.

This is a great time to buy a new home; interest rates are still at historic lows, home prices are reasonable and these tax credits will only last for a short while.

Remember, you only have until April 30th of 2010 to get your new home under contract. June will be here sooner than you think. We have new homes under construction in three of our subdivisions and can have one completed for you before the June 30, 2010 deadline!

Contact us today, we can help!