First-time Homebuyer Tax Credit Extension Highlights

In addition to record low co-op, condo and mortgage rates, those who bought a main home recently or are considering buying one and who haven’t owned a main home during the past three years qualify for the first-time homebuyer credit.

• This unique credit of $8000 is refundable, which means you don’t have to pay it back to the government!
• It can be claimed on either your current return or you can amend your previous tax returns.
• If you owe less tax than the amount of the tax credit, say $300 to the government before claiming the credit, the government will send you a check for $7,700.
• Even if you had no income in 2008 or 2009, owed no tax, and purchased a qualifying house in 2009, the government will send you a check for $8,000.
• This deal applies to Manhattan apartments, co-ops and condos priced at less than $800,000.
  

Get in touch with Alfred Real Estate today to take advantage of this once in a lifetime opportunity.

For more details on the first-time homebuyer tax credit extension, click here.

Congress approves first-time homebuyer tax credit extension

Good news for people who want to buy a home but just can't close prior to December 1, 2009. Congress has extended the first time home buyer tax credit into April 2010. Obama is expected to sign the bill into law today.

The first time home buyer tax credit extension allows a buyer to enter an agreement with a seller by April 30, 2010 and close on the house by the end of June 30, 2010. First time home buyers are defined as anyone who has not owned a home for the past 3 years. First time home buyers will get an $8,000 tax credit, similar to the tax credit for much of 2009. Other home buyers, who have owned their current home for at least five years, are eligible for a $6,500 tax credit.

Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers. The purchase price of the home must be less than $800,000. The estimated loss in tax revenue to the government comes to $10.8 billion.

“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,” said NAR President Charles McMillan. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”

Take advantage of the tax credit today. Contact Alfred Real Estate today view furnished apartments, condos, co-ops, lofts, townhouses, brownstones, luxury living, new flats or developments. Our agents are very accommodating and offer service in English, Spanish, and Portuguese.