First Time Home Buyer Tax Credit Extended - it's passed the House and Senate, and now needs to be signed into law by President Obama.
The full details aren't entirely clear yet, but Kammie has put together a good overview here!
And yes, the April 1st deadline will allow many more homebuyers to build exactly what they want - and still close on time.
Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled
"December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made
to the current credit become effective on that date, as well.
First Time Buyer - Amount of Credit - $8000 ($4000 married filing separate)
Current Homeowner - Amount of Credit - $6500 ($3250 married filing separate)
First Time Home Buyer Definition for Eligibility - May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner - Definition for Eligibility - Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)
Binding Contract Rule - So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)-
First Time Home Buyers: $75,000 - single, $150,000 - married, Additional $20,000 phase out
Current Homeowners: $125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home -
First Time Home Buyers: None
Current Home Owners: $800,000
For Property information that will assist you in obtaining this Tax Credit go to:
New Custom Homes in the Raleigh Area - and throughout central North Carolina
Stanton Homes makes building your new custom home easy! We'll guide you through the entire process - select from thousands of different floor plans, and hundreds of different locations. Your custom home is going to be extraordinary when you create it with one of the nation’s top fully involved builders, our upscale architectural and interior design team, and the high quality materials and craftsmanship that our reputation is built on.
Call 919-278-8070 to find out more about new homes in the Raleigh area today.
Articles copyright Stanton Homes 2006-2013. Unauthorized use is not permitted. Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements. Please note: all listing information per MLS, and current as of posting date. Information subject to change. Stanton Homes does not make claims to ownership of any lot listings, but can work with homebuyers to purchase available lots and build. Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions. Ask for further information regarding any community, lot or floor plan. Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area. No claim of ownership is made to homes or land pictured.