The new federal tax credit of up to $8,000* is now available to more first-time buyers and qualified buyers who currently own a home (up to $6,500*).
The Extended Home Buyer Tax Credit is a big improvement: Now both first-time buyers and current homeowners who qualify can take advantage of the new tax credit. When considered alongside today's historically low interest rates, the opportunity for buyers is truly unique.
Here are the new key provisions:
- The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
- Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
- Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.
- Time has been added to allow for closing the home purchase. As long as you have a binding contract by April 30, you will then have until June 30, 2010, to close the transaction.
- To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.
Here’s how it works:
- The amount of your credit will be first credited toward any tax liability for the year of purchase. Then the remainder will be refunded to you. (For example a first-time buyer with a $2,000 tax liability would receive a check for $6,000).
- Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or less and closed by June 30, 2010.
- The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return. Above those incomes, the amount of the tax credit decreases until the maximum limit is reached – $145,000 for an individual or $245,000 in joint income.
For detailed information about the tax credit, click on, Extended Home Buyers Tax Credit. |
Real Estate Buyers Guide
 The purchase of real estate is one of the most important transactions a person will ever make. The first step is pick out a specific areas to focus your search on. When looking at neighborhoods, check out the quality of schools, the average home prices, the major employers, and the nearby resources (fire station, library, grocery store, etc). After choosing the best area for your family, then it's time to start taking more proactive steps. Resources for Buyers
A real estate agent will be your major resource for help and information. Your agent will be your access point for the MLS (Multiple Listing Service), which lists all available properties on the market. While many sites allow you to view the MLS, you will need an agent to actually tour the homes. Beyond simply finding you a home, your agent can often help you find a good source of financing.
Financing is a crucial step in the buying process. It's important to be pre-approved for a mortgage before looking seriously at homes. Pre-approval means that you have been fully screened by the lender and approved for a loan; this can be a huge help when the time comes to make an offer. Most sellers will go with candidates that are pre-approved, since there's less risk that the deal will fall through.
Home Warranty
A Weichert Home Protection Plan covers unexpected breakdowns of covered appliances and in major systems like plumbing, heating, electrical and air conditioning. You could pay a small deductible for your covered repairs, or pay hundreds without the Weichert Home Protection Plan services agreement. With so much that can go wrong, a Weichert Home Protection Plan gives you the assurance that there is someone here to help you with a problem on covered items. The service and coverage provided by the Weichert Home Protection Plan delivers real value.
To find New York MLS Listings use eLookyLoo.com to search for your next home.
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