Tuesday, November 17, 2009

First Time Homebuyer Credit Extended

Federal legislation passed this month extended the $8,000
federal income-tax credit for first-time homebuyers
and added a $6,500 credit for qualified repeat buyers and raised qualifying income limits for buyers of homes that closed Nov. 7 or later.

The credit applies to purchases of new or existing primary homes. For both first-time and replacement homes purchased Nov. 7 or later, the purchase price cannot exceed $800,000.

First-time homebuyers can receive a credit worth 10 percent
of the home"s purchase price, up to a maximum of $8,000. A first-time homebuyer is someone who has not owned a home in three or more years.

Qualified repeat buyers can receive a credit worth as much as 10 percent of the replacement home"s purchase price, up to a maximum of $6,500.

The full credit amount is available to single taxpayers with
an annual adjusted gross income of as much as $125,000
(credit phases out for incomes of $125,000 to $145,000) and married couples filing jointly with annual adjusted gross income of as much as $225,000 (credit phases out for incomes of $225,000 to $245,000.)

As we enter into the holidays, it is a great time to think about making that home purchase. Traditionally real estate slows down as many focus on the family and get busy with other things. However, the months of November, December and January can be the perfect time to jump into the market. The advantage of less competition is huge as the banks continue to have a need to sell off homes in Ventura County.

For information on local Ventura County Bank Owned Homes and Foreclosed Homes visit my website at:

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At 11/19/2009 1:07 PM, Anonymous Adrienne said...

Yep, it's true- and I found a video that explains the process a little better, located here: http://vokshori.wordpress.com/2009/11/18/tax-credit-explained/

If you have any questions about the blog or our law group, contact N. Stephen Vokshori, Esq. (213.785.5366/stephen@voklaw.com) or any other member of Vokshori Law Group.

Our website is www.voklaw.com


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