The Worker, Homeownership, and Business Assistance Act of 2009 has expanded the former First Time Home Buyer's Credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010, (and closed by June 30, 2010, so long as a binding sales contract is signed by April 30, 2010). The previous tax credits applied only to first-time home buyers, who can still qualify for up to $8,000 under the extension. If you have lived in your home for at least 5 consecutive years of the eight years prior to the purchase date, you qualify for this credit as an existing home owner purchasing a principal residence. If you occupy the home for three years or more, you do not have to repay the tax credit.
The tax credit is an important incentive that will help stabilize our local housing market, stimulate the economy, and create new jobs in central Texas. It is a great investment for our country AND one that can help you right here in Liberty Hill.
The new tax credit extensions are a great thing to take advantage of.
Under the Extended Home Buyer Tax Credit, you can receive the credit for homes purchased for up to $800,000. If you are a repeat home buyer, you do not have to purchase a home that is more expensive than your previous home to qualify for the tax credit, which opens the door even wider for more options if you are looking to downsize. As long as you meet the residency requirements, you can even rent out your current home and buy a new primary residence in Texas Hill Country. This is a great time to move into a great area with lots of acreage.
Another nice addition to the extended bill is that the new income limits increased to $125,000 for single taxpayers and $225,000 for married couples filing joint returns. This means people with larger incomes can benefit from lower housing prices and historically low interest rates - with a bonus for doing so.
The substantial rise in home sales that we've seen over the past few months throughout the country just proves that the tax credit is working. The new credit allows buyers in Liberty Hill, Bertram, Leander, and Georgetown to move up to a new existing home - including one of the beautiful newly constructed homes right here in the area.
If you've been waiting for the right opportunity to get into the market, now's the time. The tax credit is an important incentive that will help stabilize the our local housing market, stimulate the economy, and create new jobs in central Texas. Call the Shane T. White Team at ReMax Town and Country Realty today to get started in buying your new home. We can even sell your existing home.
