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IT’S OFFICAL!
Today, President Obama signed a bill that will extend the $8,000 homebuyer tax credit to sales contracts signed by April 30, 2010 and closed by June 30, 2010. In addition, the bill also creates a $6,500 credit for those who buy a home after living in their current house at least five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse must not have owned a residence during the three years prior to the purchase.
The credit is available for the purchase of primary homes costing $800,000 or less, meaning vacation homes and investment properties are NOT eligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000
How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
Lastly, the tax credit will not need to be repaid, if the buyer occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Now that we’ve got the good news, let’s get out and sell some houses. If your buyer needs to be pre-approved, please have them contact your mortgage partner at PHH Mortgage for their FREE pre-approval!
Kindly,
