This time both the first time homebuyers (or ones who haven’t owned a home or had ownership in within 3 years) and existing homeowners (those who have lived in their home as their principle residence for the past 5 out of 8 years) may be eligible for the new version of the government’s tax credit.

Here are the specifics:

  • Amount of credit:  $8,000 ($4,000 married filing separately) .
  • Amount of credit:  $6,500 ($3,250 married filing separately) effective November 7, 2009.
  • Termination Date:  This credit terminates after April 30, 2010.
  • Binding Contract Rule:  So long as a written binding contract to purchase is in effect prior to April 30, 2010, the purchaser will have until July 1, 2010 to close.
  • Income Limits on new program:  $125,000 single & $225,000 married.
  • Limitation on Cost of Home Purchase:  $800,000.
  • Anti-fraud Rule:  Purchaser must attach documentation of purchase to tax return.

If you who didn’t take advantage of this credit the first time, you have just been given a second chance.  Please do not hesitate and miss out on this amazing opportunity.  Please consult with your agent to get more detailed information on this program.

For more information, please call and I will be happy to have one of my amazing real estate agents assist you.

Jo Cross, ABRM, CRB, CRS, GRI, ePRO
Team Leader/Managing Broker
Keller Williams Realty
1709 Laskin Road
Virginia Beach, VA 23454
757.321.7595  (office)
757.652.9700  (cell)
jocross@kw.com
http://www.jocross.com/