The Basics: Extended Home Buyer Tax Credit 2009/2010

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that: Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. Expands the credit to grant up to $6,500 credit to current home owners purchasing a new... [Read more...]

Still Confused About the New 2009-2010 Tax Credit?

Check out this great video… RE/MAX Agents Know the New 2009-2010 Tax Credit  Read More →

It’s official!.. Homebuyer Tax Credit Extended!!

On Friday, President Obama approved an extension of the popular first-time homebuyer tax credit. The latest incarnation of the credit is similar to the one that had been set to expire on November 30th, though there are some notable expansions: -First-time homebuyers (defined as buyers who have not owned a home in the last three years) are eligible for... [Read more...]

Time is Running Out!!

Time Is Running Out!! The $8,000 first time homebuyer tax credit it set to expire on November 30th, 2009.  That leaves you with limited time to find a home before it is too late.  It is strongly suggested that you enter into contract prior to October 25th if you wish to close before the tax credit expires, as it could take lenders anywhere from 30-50... [Read more...]

Housing Stimulus

What You Should Know about the First-Time Homebuyer Tax CreditThe American Recovery and Reinvestment Act of 2009 features $8,000 first-time buyer tax credit for first-time buyers who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009. The temporary credit is only available for home purchases made from Jan. 1, 2009 to before Dec. 1, 2009... [Read more...]

December 1, 2009 is the Deadline!

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Tax Credit Can Be Used for Down Payment

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A Simple Take on the $8,000 credit for First-Time Homebuyers

The $8,000 credit is for First-Time Homebuyers or people who haven’t owned a home for three years.  The home will need to be your primary residence and you need to own it for three years or you will have to repay the credit.  IRS Form 5504 is what you need for the credit.  If you’ve already filed your 2008 taxes, you can have your employer... [Read more...]

Feb 2009 Version of the Home Buyer Tax Credit

Ok, so it turns out the previous 10%, up to $15,000, tax credit for all homebuyers was just too good to be true.  Although the Senate approved it earlier this week, after re-crunching the numbers, the House of Reps found it to be too expensive a price tag.  It looks like Congress is going to pass a modification to the existing first-time home buyer... [Read more...]