First Time Home Buyers---it really is YOUR time to buy a home! And just to remind you that a first time home buyer is defined as not having owned a home for three years. So, if you’ve owned a home before, but have been renting for the past three or more years, you are considered a FIRST TIME home buyer!!
The deadline for the purchase of that home has now been extended, and expanded! You can still get that $8,000 tax credit if you close on your home by July 1, 2010. You must have an accepted contract on or before April 30, 2010. This gives you 61 days in which to close the contract. Not a lot of time in this day and age. Because of all the people who are trying to take advantage of this tax credit, the lenders, appraisers, and all the other people who need to process your transaction are overloaded.
Also, the income limits the new tax credit has placed on first time home buyers have been expanded. The limit was $75,000 for a single person, $150,000 for a married couple. That limit is now $125,000 for a single person, and $225,000 for a married couple.
In addition, where there was no restriction on the cost of that new home, now it cannot be greater than $800,000.
So, first time home buyers, get out there and find a property. I would love to help you find something. Please call me. Tiare Dutcher 808-753-5327.
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