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Letter From the Heart – November 2009

November 30, 2010

Thinking of buying or selling a home? Now is the time!

As your leading real estate team we want to keep you informed and help you make the best financial decisions for your future. Here is an update on the $8,000 tax credit that the senate has recently agreed to extend.

Changes to the Program

  • Deadline: The deadline has been extended from the end of November. Now you have until the end of April to sign a sales agreement and until the end of June to close.
  • New: A reduced credit of up to $6,500 is now available to repeat buyers who have owned their current home for at least 5 years.

Other Import Points

  • First time home buyers are eligible for 10% of the purchase price to a maximum of $8,000.
  • 1st Time Buyer: If you have not owned a principle residence for the last three years from date of this year’s purchase than you are qualified. Even a vacation home that is not permanently occupied is ok to own and does not disqualify you for this credit.
  • Eligibility: Single buyers must have no more than $75,000 of adjusted gross income or $150,000 for married couples. Buyers who exceed these thresholds may still be eligible for reduced credits.
  • This tax credit is refunded to the buyer if your year end tax liability is less than the credit and does not have to be repaid unless you sell the property within 3 years. (Exceptions made for death and divorce.)

Time to get in and pre approved!  We recommend Lisa Guillory (907)257-0145 at Advantage Mortgage located here in the Re/Max building.

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