Morgan Hill Real Estate Firm Assists First Time Home Buyers

March 12, 2010 - PRLog -- The First Time Homebuyer Credit was signed into Law in February 2009 to help stimulate the slumping housing market. The original Bill contained an $8000 tax credit for first time home buyers who purchased a home between January 1, 2009 and November 30, 2009. The deadline has since been extended allowing more consumers to take advantage of the $8000 tax credit.
The latest extension extends the tax credit to include contracts signed by April 30th and that close escrow by June 30th, 2010. In addition, the extension includes a $6500 tax credit to those who have had at least 5 years of consecutive homeownership or 5 out of the last 8 years. "Therefore, this extension not only benefits first-time homebuyers, but also repeat or move-up purchases, says Will Klopp, first-time home buying expert with Alain Pinel Realtors.
Mr. Klopp says his office had been inundated with calls about the first extension. With the credit having been extended he said, "The basis behind there being a “cutoff date” for contracts leads me to believe that the government may not grant further extension of this incentive. I would recommend that any and all eligible parties take advantage of the tax break before the deadline."
Will Klopp reminds those who want to take advantage of this extension that there are a few rules that new homebuyers need to be aware of:
1. Homes must be under contract for purchase by April 30th, 2010 and close by June 30, 2010.
2. Home buyers can receive the tax credit by amending their current tax returns, thus not having to wait until filing their tax returns next year and receiving the credit quicker.
3. Income limitations have been expanded.
4. The tax credit is no longer limited to just first time home buyers (considered those that have not owned a primary residence in the past 3 year), repeat home buyers that qualify and have lived in a primary residence for 5 out of the past 8 years qualify.
5. New or resale, Single Family, Condos & Townhomes all qualify for the credit as long as they become primary residences.
It is projected that 1.8 million homebuyers will benefit from the first time homebuyer credit by the end of this November. The National Association of Realtors believes approximately 355,000, nearly 20%, would not have purchased their new home without the First Time Home Buyer Program.
Will Klopp
Vice President / Managing Officer
Alain Pinel Realtors – Morgan Hill
501 Vineyard Town Center
Morgan Hill, CA  95037
Phone: (408) 483-2900 (call or Text)
Website: http://www.MorganHillHomes.com

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About Will Klopp:
Will Klopp has over 20 years of sales, marketing and real estate experience. Mr. Klopp joined Alain Pinel Realtors in 2009 as the Vice President and Managing Officer of their Morgan Hill office. As a proven CEO and marketing executive, Will brings a wealth of industry knowledge and leadership experience to APR. Prior to joining APR, Will managed the Downtown San Jose office of Intero Real Estate Services. A highly experienced and successful real estate professional, Will feels his background and experience in different real estate cultures has proven very useful in shaping his approach to management and sales.

Will is an active member of the Santa Clara County Association of Realtors (SCCAOR), South County Realtor Association (SCRA), Morgan Hill Chamber of Commerce, California Association of Realtors (CAR), and the National Association of Realtors (NAR).