The Awesome Breakdown of the $6500 Tax Credit
Are you eligible to receive the $6,500 tax credit for home buyers? The Washington Post has put together a punch list for you, to review:
- You have owned and resided in your current home for a consecutive 5 out of the last 8 years and your adjusted household income doesn't exceed $125,000 if you file your taxes singly and $225,000 if you're married filing jointly.
- Whatever you intend to purchase, the home cannot cost more that $800,000
- The replacement home must become your primary residence. There is no requirement in the legislation that says you have to sell your current home
- Like the First Time Home Buyer Credit, the $6,500.00 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condos, manufactured or mobile homes, even boats that function as your principal residence!!!
- Be under contract by April 30th and close by June 30, 2010
Learn more about the tax credit from the Official Gov't website at http://www.federalhousingtaxcredit.com
Listen, home prices are stabilizing. Interest rates are at historic lows. If you have given ANY THOUGHT to purchasing your dream home, now is a KILLER time to be doing so.
I hope you're having an awesome holiday season!!!
Best Regards,
Jennifer