The American Dream of Homeownership Expires Soon, So Hurry

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In an effort to stimulate the economy, Congress has extended the $8,000 First Time Home Buyer Tax Credit. However, you will have to hurry to take advantage of the credit. The extension is only until April 30, 2010 that means there are only 70 shopping days remaining. The reason the number of days is significant is that the buyer do not have to pay the $8000 tax credit back to the government as long as the buyer resides in the home for 36 months after purchase.

This credit was part of the stimulus plan that President Obama signed into law.

The good news about the extension of the first time home buyer credit is that it now allows more potential buyers the ability to purchase a home. It now allows not only first time home buyer the ability to utilize the credit, but now move up buyer can take advantage of the credit. The extension also increases the gross income for single buyer from $75,000 to $125,000, and for married couples from $150,000 combined income to $225,000 combined income.

To qualify as a first time home buyer, you must be purchasing your first home and be will to remain in the home for at least 36 months after purchase.

To qualify as a move up buyer, you must have lived in your present home for at least 5 years and your new home must be less than $800,000.

To claim the credit, use Form 5405 on your 2009 or 2010 tax return. Remember, you will have to write your contract by April 30, 2010 and the deal must be closed by June 30, 2010 to qualify for the credit.

The tax credit, low interest rate, and lower than ever real estate prices should make homeownership a number one priority for anyone thinking of purchasing a home in 2010.

Originally posted 2010-02-19 12:27:40. Republished by Blog Post Promoter

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