First Time Home Buyers and Long-time Homeowners Who Buy A Replacement Principal Residence
From IRS.gov website: Updated Nov. 6, 2009, to reflect new legislation
New Legislation
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
- Extends deadlines for purchasing and closing on a home.
- Authorizes the credit for long-time homeowners buying a replacement principal residence.
- Raises the income limitations for homeowners claiming the credit.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
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Buying Your First Home? Guess What, It Does Not Have To Be Your First Home, It Just Has To Have Been Three (3) Years Since You Owned A Home. Now is the time for you to get more home for less money. As a Realtor I will help you avoid the intimidating process of buying your first home. It's my job to guide you, from beginning to end. I promise you will be represented by someone acting in your best interest, and I will take the time to fully explain everything, every step of the way.
- We will discuss the tax advantages of owning a home, and compare renting to buying. The following refers to the tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009 (Closing / Settlement by November 30, 2009). Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
- I'll help you through the loan prequalification process. If you prefer to handle the financial end .yourself I will provide you with a list of local lenders who have helped other clients. You will find out the dollar amount you qualify for in a mortgage and the amount of your monthly payments plus other relivent costs.
- We'll discuss what you are looking for in a home. Size in square footage, number of bedrooms and bathrooms, if you want a garage, bonus room, how much property, areas of the Grand Strand, school ranking, and anything else on your wish list.
- We can start the house hunting. I can email you listings of homes that match your criteria or we can skip that step and begin our search in person.
- If you find your perfect home and are ready to make an offer, I’ll do a market analysis of the home you’re interested in to make sure that it is priced fairly. Then, I will negotiate on your behalf, to get you the best possible price. In todays market the "Asking Price" you have seen on the MLS listing does not mean you will have to pay that much.
- I am with you through the purchase process and if you come to closing in person I will be there with you. After closing I try to be available for those little things like accepting a delivery or utility turn-on when you can not be home but can work it into my schedule.
