As you may or may not have heard, the tax credit was both extended and expanded! First time home buyers can receive an $8,000 tax credit. Additionlly, existing homeowners, who have their owned their current home for at least 5 years are now eligible to receive tax credits of up to $6,500 when they purchase a home.
The credit is available for the purchase of homes costing $800,000 or less. Homes must be your primary residence. Thus, vacation homes are not eligible. Also, the credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
In order to qualify homes must be undercontract by April 30, 2010.
This is said to be the last extension of the home buyer tax credit. Now is the time to take advantage of this opportunity! I have been selling real estate for 20 years and I have never seen anything like this. Couple the tax credit with historically low interest rates and you have a perfect scenario for selling a home and buying a home.
If you’d like to learn more, please contact me today. Call 801.499.6087 or email me at kristin.graziano@utahhomes.com
