Tax Credit Information
You have probably heard that our U.S. Government has generously extended the home buyer’s tax credit. But did you know that new features have been added? The “new & improved” tax credit applies to REPEAT Buyers as well as first time home buyers? YEAH! Click Here to learn more about the recent revisions.
Repeat buyers could be eligible to receive a tax credit of up to 10% of the purchase price of their next home. The credit maxes out at $6,500, applies to home purchases of $800,000 or less and phases out at higher income levels. To qualify as a repeat buyer you must have owned and occupied your current residence for at least 5 of the 8 years immediately preceding your purchase and it must be your most recent purchase; intervening properties do not apply. Your repeat purchase must occur between 11/6/09 and 4/30/10. Purchases that are under contract by 4/30/10 and close by 5/31/10 are also eligible. However, you must stay in your “new” home for 3 years to retain the entire credit.
To learn more about the tax credit, just follow this link: http://money99.com/content/view/476/29/
This is an AWESOME opportunity for existing homeowners to take advantage of the current Buyer’s Market whether they are upgrading or downsizing! Additional incentives lie in the historically low interest rates of 5% or less (depending on type of loan and credit score). Did you know that 1% point on a $200,000 loan represents a savings of almost $50,000 over the life of the loan? For a $300,000 loan at 7% interest, that figure jumps to almost $150,000. That’s a pretty significant savings. Understandably, many consumers are cautious and are “waiting until the market stabilizes”. However, that means foregoing the savings as interest rates generally rise with the market. Therefore, buying a home NOW can mean a HUGE savings on interest over the life of your loan. I’m sure we can all think of many better ways to spend our hard earned money than paying interest.
Not convinced? Just follow this link to a recent Business Week article to learn more: http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm?link_position=link12
The tax credit and amazing interest rates are compelling reasons to make your move NOW! Top that off with concierge like service from a Realtor® that grew up in Atlanta and knows the Metro area VERY well and you are set to give yourself one of the best gifts of all; a new home! Don’t delay; call or email Debby today!