Monday, November 09, 2009

Move Up Buyers Gain; Tax Credit Available

Great news to all primary residence buyers, President Obama signed a bill that allows first time home buyers to get up to $8000 tax credit, and repeat buyers up to $6500 when they have a contract on a home before April 30, 2010. Orlando area have great buys to be purchased and interest rates still history low, if you are considering a purchase, it is a great time to buy!

First Time Home Buyers
  • You may be eligible for 10% of the purchase price up to $8000.
  • Contract has to be in place by April 30, 2010 with a closing before June 30, 2010
  • Effective December 1, 2009 income limit will be raised to $125,000 for singles and $225,000 for married couple. Right now it is $75,000 for single and $150,000 for married couple.
  • Effective now the maximum home value cannot exceed $800,000.
  • First Time Home Buyers can use an interest free bridge loan to access the tax credit before they complete the home purchase. This money may be used toward downpayment or closing costs. The State Housing Initiatives Partnership Program (SHIP) is handling the distribution. For interested buyers, they should contact SHIP.

Repeat or Current Home Owners

  • Now eligible for up to $6500 tax credit. Current home owner must have owned and used its current home for 5 consecutive years out of the last eight.
  • Same time frame and deadlines for contract and maximum home value as first time home buyers.
  • Long Time Florida Home Owners can take advantage of property tax portability.