New Federal $6500 Tax Credit

For Existing Homeowners!

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

For more information, go to http://www.federalhousingtaxcredit.com.

In order to qualify for this credit, you need to have an accepted offer by April 30th and your escrow needs to BE CLOSED by June 30, 2010.  Don't know where to start? Contact me today for more information about the program and for assistance with learning how to get pre-approved!