November 24, 2009 Leave a comment
Legislation passed by Congress, and signed by the President, allows “repeat” or “move up” buyers to qualify for a federal tax credit of up to 10% of the purchase price up to $6500. This is an element of the homebuyer’s tax credit that previously was only available to first time buyers but now has been expanded. To qualify, a “repeat” buyer must have lived in a home they used as their primary residence for a at least 5 consecutive years out of the past 8 years. The purchase price of the new home cannot exceed $800,000 and annual income cannot exceed $125,000 (single filers) or $225,000 (married filing jointly). The new home must be used as the purchaser’s primary residence and the cost of the new home being purchased does not have to be higher than the previously owned home. The buyer must be under contract by last day of April 2010 and close on or before June 30th of next year.
The tax credit is still obtainable to first time purchasers for 10% of the purchase price up to $8000. A first-time purchaser is defined as anyone who has not owned a home in the past 36 months. The end of April deadline and income limits outlined above also applies to first time purchasers.
It is a grand time to buy or sell in Vermont! Our marketplace continues to rank among the best in the country – prices are stable, interest rates are at historical lows, homes are affordable and there’s a good supply of inventory to choose from. Contact a BCK or Stowe Realty agent today to discover how both sellers and buyers win using a BCK Real Estate Company agent.