Congress has approved an extension to the First Time Home-buyers Stimulus Credit that was initially set to expire at the end of November. In addition to this extension, they have also included provisions for people that may already be homeowners and want to buy an additional property.
The new guidelines allow for a potential homeowner that are wanting to buy a new house, such as a larger house or a newer house, to have a credit of $6500. As long as the homeowner has used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years, they are eligible for this $6500 credit. If a married couple is separated (filing separate), then they are only eligible as an individual to receive $3250 per person.
Most of the previous rules are the same with the exception that the income limit for qualifying homeowners has been increased by $50,000 and the dollar limit for the home for the first time homeowner has been capped at $800,000. You now have until April 30th 2010 to obtain a contract on your new prospective property and until July 1st 2010 to close.
This creates a lot of opportunity for first time buyers as buyers can not only take advantage of this great tax benefit when buying their first home, but when combined with other programs such as VA, grants, 1031 exchanges, etc, a home owner can move into a new property with little to no money out of pocket!
For more information about phenomenal houses that have recently been placed on the market and are ready for you to move into TODAY, contact us for more information at www.BuyMySAproperty.com.