2010 Tax Credit Countdown, The Details!

Are you under contract yet?

First time home buyer credit is $8,000! A first time homebuyer is defined as someone who has not had an interest in a principal residence for 3 years prior to purchase. A current homeowner may still qualify for a $6500 credit! That’s awesome! A current homeowner must have used the home sold as a principal residence consecutively for 5 of the previous 8 years. You must be under contract ( a binding agreement ) by April 30, 2010! That’s why I provided this handy dandy countdown ticker! The closing must happen by July 1, 2010! Ok… so… the income limits are $125,000 for a single person and $225,000 for a married couple. The limitation on the cost of the purchased home is $800,000. It cannot be purchased by a dependent. Oh, and the anti fraud rule says the purchaser must attach the documentation of purchase to the tax return. So, what are you waiting for?

Call us…. let’s start your home search 678.287.4802!

Comments

  1. Denise Buchanan :

    Buyers…It’s Spring in Atlanta and with the tax credit ending soon, and all the new listings that hit the market this time of year there is no better time to find that new home. The buyer’s opportunity has NEVER been better.

    Seller’s …price it right…. and you can be under contract this weekend! The Buyer’s have arrived!

  2. Recently I read an article predicting that mortgage rates are expected to rise, maybe by 1% over the next year. When you factor in how much more you will pay over the life of a loan, NOW is truly the best time to buy while rates are at historical lows, tax incentives and awesome prices. With only 30 days left to be under contract, get out there in the next couple weeks to find your home.

  3. Denise Buchanan :

    Great advice Joanne! I agree.

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