Re-Blog! Here's the scoop from Jim Lee a TN real estate agent. The chart is from NAR.
Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.
The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.
Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.
Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.
The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.
Jim Lee , REALTOR®, Certified Residential Specialist (CRS)
http://JimLee.com RE/MAX Coast To Coast Properties
150 Mirona Road, Portsmouth, NH 03801 Phone: (603) 431-1111 x3801
Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.
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This post provided by Maureen McCabe of Real Living HER
Contact 614.388.8249
Website: MaureenMcCabe.com
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Information is deemed to be accurate but should be verified to your satisfaction. Information provided herein is supplied by several sources and is subject to change without notice. Opinions expressed are solely those of Maureen McCabe.
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