BIG NEWS: $6,500 Tax Credit for Repeat Buyers

The federal government is doing its best to continue to stabilize the housing market and have expanded the original $8,000 First Time Home Buyer Tax Credit to also include a $6,500 Tax Credit for Repeat Buyers.  This is great news for anyone who is considering investing in a new home since the government is essentially going to give you $6,500 for moving.  There are some conditions and limitations though and we have listed some of the more important ones below. 

1. A repeat home buyer is defined as someone who has used their sold home, their home being sold or their current home as a principal residence consecutively for 5 of the previous 8 years.
2. You must be under contract by April 30, 2010 and close by July 1, 2010.   As a side note, the government said there is no way they will be extending these benefits so it is highly unlikely they’ll be extended (although it is the government saying that so you never truly know).
3. Income limites of $125,000 for a single person and $250,000 for a married couple.

Combine the $6,500 tax credit gift with historic low interest rates, housing at its most affordable point in years and this is a great time to invest in a new home. 

So you have all the complete facts, please visit our website at http://www.medicidevelopment.com/special-programs.php to find the Frequently Asked Questions regarding the $6,500 Tax Credit.  You can also go to http://www.federalhousingtaxcredit.com/ hosted by the National Association of Home Builders (NAHB) to find out more as well.

we have also listed below many of the Frequently Asked Questions regarding the new tax credit as provided by the National Association of Home Builders (NAHB)