TAX CREDIT EXTENDED!

Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
• First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
1. The price of the home.
2. The buyer's income.

Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 5, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.


Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


Please let me know if you have any questions on this.

Time left to benefit from the $8,000 tax CREDIT

Ladies and gentlemen, here is the exact amount of time before you can SETTLE on a home to benefit from the $8,000 tax CREDIT from Uncle Sam. If you make less than $90k per year, you are eligible for something and less than $75k on your tax return, you are eligible for the full $8,000! Contact nigel@cbpref.com today to start your pre approval and search so we can help you take advantage of this!!!

For Sale: 3BR/2.5BA Townhouse in Philadelphia, PA, $650,000

Live large just 30 seconds walk from the Piazza in the heart of Northern Liberties. For Sale: 3BR/2.5BA Townhouse in Philadelphia, PA, $650,000

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Tick Tock

The clock is ticking on the November 30 deadline for first time home buyers. This is a direct CREDIT of $8,000 for these eligible folks making $75k or under. Don't miss out on this... Its juicy! And, if you make less than $90k, you are still eligible for a credit... just a lil less. :)

Murano Auction Results

Yup. Despite the huge hype for the anticipated condo auction, people managed to get into the Murano at an average of 25% off list price! $21 million in real estate was sold in 90 minutes from $335k to nearly $800k. The good news for you if you werent there but would consider one of these units: They intend on selling the rest of the 136 available units at comparable prices as to the auction sales. SO, you didnt even have to attend and you still may get a 'fire sale' discount. Bad news for those who bought at full retail prior, though. Ouch.

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