» $8,000.00 Homebuyer Federal Tax Credit Details with Video

Homeowners who act quickly may take advantage of the expanded tax credit. Remember back in November, 2009 when The President signed into law the home buyer tax credit extension? Well, time is running out for would be home buyers because the extension was not a very long one. Those who are considering purchasing a home in 2010, should not let their tax credit deadline expire. You must purchase a home before April 30, 2010. Unless you already have a home picked out, this means you should get moving on it. The buyer must have an accepted contract by April 30, 2010 and have until June 30, 2010 to close. Searching for a home and negotiating the terms of a purchase contract is not an easy task and its better to get it done early than to close too late to pocket the tax credit.





What does the tax credit extension do? Well for starters, it includes not only first time home buyers but also existing homeowners. Existing homeowners can receive a tax credit up to $6,500.00 and first time home buyers can receive a tax credit up to $8,000.00. Purchase contracts exceeding $800,000 will not qualify for the tax credit. First-time home buyers and existing homeowners who purchase homes between November 7, 2009 and April 30, 2010 can participate. A current homeowner is defined as a homeowner who has used the home being sold as a principal residence for five consecutive years within the last eight years. Also, in order to qualify as a first-time home buyer, the purchaser or the purchaser’s spouse may not have owned a residence during the three years prior to the purchase. The income limits are as follows, $125,000 annual income for a single purchaser and $225,000 annual income for a couple.

What should be your first step? The first step to purchase a new home should be to get pre-approved for the new mortgage. With credit guidelines becoming tighter, the sooner you begin this process the better off you will be. It is always better to start earlier than you planned on starting in case there is any unforeseen items on your credit that need to be cleared up.


You can apply for a FREE pre-approval from Bill Burress, Nationwide Mortgage Expert.

Bill Burress, Nationwide Mortgage Expert has over 28 years experience in the mortgage business . For information on getting pre-approved for a mortgage loan or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Now originating mortgages and negotiating short sales in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

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Sources:
HR 3548
SA 2712 (Sec 11 is the applicable section)
IRS.gov/recovery