Don't miss your golden opportunity - Less than 100 days left!
Thanks to the extension of the Federal Home Buyer Tax Credit, 2010 presents financial opportunities for you to own a new home! As your year progresses it's easy to overlook just how valuable this one-time tax credit is. You have until April 30th, 2010 to contract the purchaseof a home, and must close on that home by June 30, 2010.
Let's take a look at a few factors and examples of why it's a good time to buy.
- The benefit for eligible first-time home buyers is a tax credit up to $8,000*, and for eligible existing home owners up to $6,500*.
- Prices have continued to decline compared to last year according to NAR's Median Sales Prices of Single Family Homes. This is making homeownership more affordable especially when combined with historically-low mortgage rates.
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* Certain Income and Ownership Restrictions Apply This is intended to provide an overview only – for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor. First-time home buyers and move up buyers have another great reason to get on the path to purchasing a new home! The benefit to First-time homebuyers is a tax credit up to $8,000 and for qualified Move-up buyers a tax credit up to $6,500. But this opportunity ends in April.
Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home by April 30, 2010 may be eligible for the tax credit. The transaction must close by June 30, 2010.
For First-Time Homebuyers, a tax credit up to $8,000 ($4000 for married filing separate), homebuyers may receive a credit of 10 percent of the purchase price up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principle residence in the last three years, you are considered a First-Time Homebuyer.
For the "Move Up" consumer, a tax credit of up to $6,500 ($3250 married filing separate) is available for Homeowners who have lived in their current residence for at least five consecutive years out of the past eight years. The homebuyers can receive a credit up to $6,500 when they contract to purchase a home by April 30, 2010, and close by June 30, 2010
The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families who must move due to a call to active duty are exempt from this minimum.
FOR THE LATEST TAX CREDIT INFORMATION GO HERE
This is intended to provide an overview only - for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.
Macon County NC Real Estate with Specialty in Franklin & Otto"Offering Solutions to My Clients"Your gateway to Paradise in the Smokey Mountains of Franklin, NC. John Becker / Bald Head, provides a superior level of informed, professional real estate service to Buyers and Sellers. You can obtain any information you require in order to make an informed purchase regarding Franklin NC Homes for Sale and Franklin NC Properties for Sale with John Becker at Exit Smokey Mountain Realty. Call 828-506-3719..