We have all heard about the tax credit.. and many blogs written about this.. however I haven't seen one that breaks down the changes. So here is a format of the changes for the extension of the tax credit.. but I thought seeing it in simple form might be easier for our clients to understand.
HOMEBUYER TAX CREDIT CHANGES
|
FEATURE |
ENACTED FEB 2009 |
ENACTED NOV. 2009 |
|
First Time Buyer Amount of Credit |
Up to $8,000 |
Up to $8,000 |
|
Definition of First Time Buyer |
May not have had an interest in a principal residence for 3 years prior to purchase. |
Same |
|
Current Homeowner- Amount of Credit |
No Provision |
Up to $6,500 |
|
Current Homeowner Definition of Eligibility |
No Provision |
Home being sold be have been used as primary residence for at least 5 years. |
|
Deadline |
November 30, 2009 |
April 30, 2010 |
|
Binding Contract Rule |
None |
Contract must be in place by April 30, 2010 and close by July 1, 2010 |
|
Income Limits |
$75,000 Single $150,000 Married |
$125,000 Single $225,000 Married |
|
Maximum Purchase Price |
None |
$800,000 |
FOR ACCURATE INFORMATION ON REAL ESTATE.. CONTACT YOUR LOCAL AGENT
Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
For real estate... all you need to know, is VALERIEO
If you're thinking about buying a home in Cromwell CT there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell- valerierealtor@sbcglobal.net.
Copyright © 2009 By Valerie Osterhoudt, ABR, All Rights Reserved...*TAX CREDIT REFERENCE GUIDE*
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Valerie Osterhoudt, ABR
(Accredited Buyers Representative)
Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.
Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell: 860.883.8889
email: Valerie Osterhoudt, ABR
website: www.CTrealtorMLS.com
