New Credits For Homeowners
by admin on Nov.30, 2009, under Uncategorized
Here is a simplified version of the new tax credits. With interest rates at a historical low as well as the pricing of our inventory in Boise, now is a great time to buy. If you would like a list of foreclosures/short sales or a list of homes to look at call me at 409-7606 or email me at ablake@group-one.com.
The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.
For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $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 limits eligibility for the existing homeowner credit to homes worth $800,000 or less.
