Posts tagged "first time home buyer tax credit"

Housing Stimulus Not a Fishing Story

A first time homebuyer tax credit is available in the amount of $8,000. We here at Big Daddy’s Seafood want to catch some of that! Everybody down the bayou are excited about this real estate stimulus effort. There are income limits for this plan. Income limits at this stage are $125,000 for single persons, $225,000 for married couples this also includes a $20,000 phase out of the credit for both.
Set the hook now because there will be no future extensions so the federal government is urging all qualified homebuyers to take action and put a written, binding contract in place. This is for individuals who have not owned a home in the last three years. The deadline is April 30, 2010 and closing is expected to take place before June 30, 2010.
Also included in this opportunity are homeowners who have lived in a current home for at least five consecutive years of the last 8 years. These individuals can receive up to a $6,500 tax credit. The hope is that this housing stimulus will help enhance the real estate market and help would be home owners into a new home they might otherwise not be able to swing..
According to The National Association of Realtors News Release, dated 11/5/09, already added to the general economy resulting from the real estate stimulus bill is an estimated $22 billion. To take advantage of this opportunity, contact your tax professional or the professionals at Coldwell Banker.com. Approximately 2 million people have already taken advantage of the opportunity that the tax credit provides in 2009.

First Time Home Buyer Tax Credit Could End Soon

Right now is an unbelievable time in the history of home buying. There are tax credits available for first time home buyers of up to $8,000. You read that right, up to $8,000.
Between now and April 30, 2010, first time homebuyers can receive a federal income tax credit of up to $8,000 if they purchase a home. This is a tax credit that will not be extended! This applies to first time home buyers or those who have not owned a home in the past three years. This is a fantastic opportunity for first time homebuyers who have been thinking about getting into the real estate market. You won’t have an opportunity like this again in your lifetime. If you have an income level of less than $125,000 for singles or $225,000 for married couples you may qualify.
You may be thinking well that is great, but I already have a home. This is not going to benefit me. Wrong! If you have lived in your current home for 5 of the past 8 years you can receive up to $6,500 in tax credits for a “move up” purchase.
There are other restrictions so check with your tax professional or contact your local Coldwell Banker professional. This is an opportunity that you can’t afford to pass up. This will not be extended and if you have a written and binding contract before April 30, 2010 and close by June 30, 2010 you could take advantage of this fantastic tax credit.
First Time Home Buyer Tax Credit