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Here are some basics to know about the new tax credit

November 19, 2009
  • First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately).
  • Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 (or $3,250 for married couples filing separately).
  • Qualifying buyers must sign a purchase agreement by April 30, 2010, and close before July 1.
  • The tax credit may not be used to purchase a home for more than $800,000. Vacation homes are ineligible.
  • The income limits to earn the maximum for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
  • All buyers who want to get the credit must include documentation of the purchase on their tax returns.
  • The credit is extended until May 1, 2011, for members of the military serving outside the United States for at least 90 days.

Now is the time to buy a home:

The management at New Home Executives has represented home buyers and home sellers for over 34 years. We bring a wealth of knowledge and experience as well as extensive negotiating experience. We are well qualified to represent you and look out for Your Best Interests.

When you work with the New Home Executives “team”, you get the benefit of our knowledge and skill in the areas of contract negotiations, financing, due diligence inspections and escrow closings. Having New Home Executives on your side will give you a sense of confidence and peace of mind.

If your desire is a “Superior Customer Experience” contact us:

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