2010 Home Buyer Tax Credits Begin To Expire On April 30, 2010!

The 2009 Home Buying tax credits extended and expanded into 2010.  Here are the key things to know:

Extension of $8,000 First Time Buyer Credit

The First Time Buyer Credit has been extended and is nearly identical to the tax credit in 2009.  This means that most anyone who has not owned a home within the 36 months and a buys a home will be eligible to receive this credit.

This is $8,000 cash back from the IRS and can be received within about 8 weeks of closing of a purchase and filing of paperwork with the IRS.

$6,500 Tax Credit For Existing Homeowners

The tax credit program has been expanded to provide a credit for existing Homeowners who’ve lived in the home they’ve own for at least 5 years of the past 8 years and purchase a home to use as their new principle residence.

These existing homeowner’s do not need to sell their current home to receive this $6,500 credit.  So those who’d like to rent their current residence out can simply buy a new home, and keep their existing home while still qualifying for the credit.

Important Deadline Information

To qualify for either of these credits, you need to be in a mutually accepted contract by April 30, 2010 and the purchase must close by June 30, 2010.

This gives just 3-4 months for most prospective buyers to prepare themselves to purchase and find the home they are looking for – so time is quickly becoming short to take advantage of this credit.

What’s Next?

If you think 2010 could be the year to buy your first home, or move up into a different home, please take a moment and give us a call or send us an email so we can bring you up to date on the market trends and help you make the most of your budget and the extraordinary opportunities in today’s real estate market.

Refer A Friend

Also you know a friend or family member who’s considering purchasing or selling a home in 2010, we always appreciate your recommendation and referral to them!