Wow! The time to buy your first home or your dream home is here for sure! President Obama signed legislation this week that not only extends the First-Time Home Buyer Tax Credit of up to $8,000 until April 30, 2010. The new tax credit also expands the credit of up to $6,500 credit to include current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
I think this is exciting news, because the tax credit benefits not only first-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. It also includes current home owners purchasing a home during the same time frame. With the current high inventory of homes available, combined with low interest rates and the available tax credit, this is the ideal time to make that move-up purchase.
Who qualifies? If the purchaser or their spouse have not owned a home within the three years prior to purchase, they qualify as a "first-time home buyer". Current homeowners, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight, qualify for up to $6,500. Single-family homes, condos, townhomes, and co-ops are all qualified properties for this credit.
There are some income limits, but they have been increased. Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
I know I have been saying there is no better time to make that home purchase. I meant it at the time, but I really mean it now! The time is ideal. Go to www.bestroanokehomes.com/ and start looking for your first home, or for your dream home now!
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