Now that the Home Buyer Tax Credit has been extended and expanded to help all home buyers, there's still plenty of time to take advantage of this opportunity.
On November 6, the Worker, Homeownership, and Business Assistance Act of 2009 established a tax credit of up to $6,500 for all qualified move-up buyers. If you currently own a home may be eligible for the credit.
Previously, only available to first-time home buyers, the new expanded program was designed to boost home sales, particularly during the customarily slow winter months.
Requirements for the Move-up Tax Credit
- You must have owned and resided in the same house for at least five consecutive years prior to your purchase date.
- The price of the home you are buying cannot exceed $800,000.
- The income limits are: $125,000 for a single person and $225,000 for a married couple.
- The home that you are buying must be intended as your principal residence and would include single family homes, townhouses and condominiums, mobile homes and houseboats.
- You may not purchase the home from family members, including your spouse or spouse's family.
- The credit applies to the purchase of an existing home as well as new construction.
- If you buy a home in 2009 (or 2010) you can apply the tax credit against your 2008 (or 2009) tax return.
- You must have a valid and executed Purchase and Sale Agreement by April 30, 2010 and the purchase must close by June 30.
Best Not to Procrastinate
In order to meet these deadlines you should be shopping for a house now. It usually takes at least two months from signing an offer to get your home to a closing. Getting an early start on the home search process will give you a much better chance at finding the right home in time.
Have Your Pre-Approval in Hand
To avoid wasting precious time, communicate with your lender as soon as possible and get all necessary documentation in to approve your loan. Have the lender generate a pre-approval for you so that you are in a position to put a serious offer down on a home.
It is important to note, if you are a first-time home buyer, the tax credit available to you will be up to $8,000 rather than $6,500.
Copyright 2009 - Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
Your Excusive Buyer Broker for Massachusetts Since 1992
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Copyright 2009 - Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
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