|The homebuyer tax credit has been extended and expanded!|
|Have you been on the sidelines waiting for prices to go lower before house shopping? Well, now may be the perfect time to make your move – and take advantage of a new and improved homebuyer tax credit.|
|A newly passed law vastly expands and extends the tax credit through the spring of 2010, increasing the number of people eligible for homebuyer credits by boosting the income eligibility limits, giving buyers more time, creating a $6,500 credit for current homeowners and launching more accommodating rules for members of the military.|
|With a large inventory in Park City and Heber, it is a buyer’s market.|
Here’s what you need to know to make the homebuyer tax credit pay off for you right now:
|Who qualifies for the tax credit?|
|Two types of homebuyers qualify:
First-time home buyers with adjusted gross incomes up to $125,000 (singles) or $225,000 (married couples) can get the full $8,000 tax credit.
Current homeowners can get a credit of up to $6,500 if they’ve lived in one residence for five consecutive years of the past eight years and meet the same income thresholds as first-time buyers.
|Is there a deadline?|
|Yes. Buyers must have a purchase agreement signed by April 30, 2010, and the deal must close by June 30, 2010.|
|Are their price restrictions?|
|Yes. You can’t use the new tax credit to buy property that costs $800,000 or more.|