"NEW" Homebuyer Tax Credit extension and additions - formerly the First Time Home Buyer Tax Credit

PR Log (Press Release) – Nov 07, 2009 – There is a lot of speculation about how, when and who the "NEW" Homebuyer Tax Credit affects. We should be very clear in our information and learn how you can effectively make the most of the opportunity.

Well if I'm an existing homeowner or looking to own a home, you need to take advantage of this tremendous Buyers market we are currently in. When you add up the below market prices, historically low interest rates, and federal government tax credit there has never been a better time to own a home or upgrade your current home. Think about it!

What you need to know!

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 20 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. For the first time, the new legislation makes buyers who already own a home eligible for a credit.  A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less. The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

Please visit our website at http://www.buyhomesuperfast.com or call 888-205-0715 toll free to complete our buyer questionnaire to help us better find your dream home.