Real Estate Agent - Orange County, California - Pat Monahan» New Rules for Tax Credit http://www.patmonahan.com 19 years of Real Estate experience in So. Cal, Lic # 01074412 Mon, 05 Dec 2011 22:59:44 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 More Home Buyer Incentives http://www.patmonahan.com/more-home-buyer-incentives/ http://www.patmonahan.com/more-home-buyer-incentives/#comments Tue, 17 Nov 2009 19:50:14 +0000 admin http://www.patmonahan.com/?p=220 The Federal Homebuyer Tax Credit  has been extended beyond November 30th of 2009. The new rules include a deadline to be in escrow or under contract by April 30th of 2010 and close the purchase by July 1, 2010. First-time buyers, those who have not owned their principle residence during the past 3 years, are eligible for a tax criedit up to $8,000. Also, current home owners who have lived in their principle residence for 5 consecutive years of the past 8 years are eligible for a tax credit up to $6,500.

The home purchase must be for a principle residence and it can include a boat, motor home or traditional house, condo or townhome up to an $800,000 limit. There are income limits to the new benefits extention. They are $125,000/yr for a single person and $225,000 for a couple.  A purchase by a dependent is not allowed. See your tax advisor for more details.

The good news is that more people can get tax relief when they purchase their next home through April 30, 2010 or have a binding contract to purchase on April 30th and close by July 1, 2010.

The other good news for home buyers is the historically low mortgage interest rate and the reduced market values for homes. This is a combination that probably won’t be seen again in our lifetimes. Contact your realtor to find the best buying opportunites in your area.

I have lovely coastal homes in all price ranges from Orange County to Long Beach, CA. I will find the right one for you. I’m only a click away!

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