Tax credit extension and expansion - this is Stimulus you can put in your pocket!

Posted Nov 6, 2009 @ 6:16 pm, Viewed by 268 Visitors, Read 279 Times.


  • Extends the existing $8000 1st time buyer credit until June 30, 2010
  • Adds $6,500 credit for existing home owners that have occupied a home they own (if you have a mortgage, you still own it and it doesn't have to be paid off) for 5 out of the last 8 years
  • Raised the purchase price limit to $800,000
  • Raised income limits for singles to $125,000 and couples to $225,000

FAQ's:

For the existing homeowner credit, does the new house need to cost more than the old house?

No. Individuals who move from a high cost area to a lower cost area and who eet all eligibility requirements will qualify for the $6,500 credit.

I am an existing homeowner who has lived in my current home for more than five years and are within the specifed income limits. On October 21, 2009, I signed a contract to purchase a new home and will close my loan on November 24th. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6,500 tax credit?

Yes. The existing homeowner credit goes into efect for purchases after the date of enactment (when the bill is signed).  TODAY!!!!  There is no reference to the date of contract for the new tax credit.  The provision looks solely to the date of purchase, which is generally the date of settlement.

For more info and FAQ on the New Tax Credit Please Click Here on Our Dallas-Fort Worth Real Estate Website

Our Dallas-Fort Worth Realtors provide buyer, seller, and investor representation for residential home sales in Dallas-Fort Worth, Texas and surrounding areas including Denton, Tarrant, Dallas, Johnson, and Collin Counties.

Southlake Real Estate | Plano Real Estate | Allen Real Estate | Fort Worth Real Estate | Mckinney Real Estate

And remember...Nu Home Source Realty Rebates 20% of earned commissions back to the buyer!

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mikepannell

mikepannell Areas of Expertise: New Homes in Dallas and Fort Worth Texas Move Up and Save Program in Dallas Fort Worth Texas Selling Homes in The DFW area Commercial Real Estate in DFW Residential Real Estate in DFW Condos for Sale in the Dallas- Fort Worth Areas HUD and Foreclosure Approved Broker Some of things Nu Home Source Realty offers our Clients Best Deals on Brand New homes in the Dallas-Fort Worth area Free Credit repair when you close on a home with Nu Home Source Realty Custom Search, with New Homes and MLS listing in the DFW area. (Investors) Property Management 8% and 50% of First Month Rent. Read More

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