If you're kicking yourself for not taking advantage of the first time homebuyer's tax credit that expired the 1st of this month, you can remove your steel-toed boots and put on your dancing shoes:
President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law today. The legislation greatly expands the First Time Homebuyer Tax Credit by making more first time homebuyers eligible for the credit and now includes homebuyers that are not first time homebuyers. This will help many more first time homebuyers in Seattle and elsewhere achieve the American Dream of home ownership.
First Time Homebuyers
The current law is extended until April 30, 2010. Buyers have until that date to have a signed purchase agreement. There is an additional 60 day grace period to complete the financing. More first time homebuyers are eligible because the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples.
Current Home Owners
Over 60 percent of current home owners will be eligible for a tax credit of up to $6,500 if they purchase a home by April 30, 2010. These homebuyers must have lived in their home for five consecutive years over the previous eight years to qualify. Qualified homebuyers can get the credit if they purchase a home for $800,000 or less as their primary residence between November 7, 2009 and April 30, 2010. The income limits are the same as the First Time Homebuyer listed above.
If you have any questions at all, email me at the link below:
It's been difficult to afford your new house. Every single needs are affected in response to our economy. With regards to house, many are just renting their apartments. If we are only given the chance maybe this one could help.I think this has been the right time to buy your own property.rices are at an all time low and the government has introduced incentives to first time home buyers. But before you start attending open houses and planning how you’ll arrange the furniture in your new living room, you need to take the first step in the home-buying process:getting pre-approved for a mortgage. Mortgage pre-approval has some benefits.The pre-approval process might reveal credit report errors you didn't know about,that might hinder your ability to get credit. In addition, mortgage pre-approval will show you exactly how much house you can afford, so that you don’t fall in love with a home and then find yourself unable to get a mortgage. This will help you make up your mind in dealing and buying your own properties.
It's been difficult to