Congress passed new legislation to stimulate the U.S. housing market, while addressing the nation’s economic situation, by extending the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. There is no doubt that the first time home buyer tax credit is great for people interested in communities in south Charlotte, NC, but there are a few things to know before you assume that you qualify for the full $8,000.
What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies. It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply whether you a looking at homes near Freedom Park, Homes in Myers Park or homes for sale in Cotswold.
What is new and improved with the extended and expanded tax credit? The tax credit is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly. A home must be a primary residence and valued at $800,000 or less. Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.
The tax credit is a real boon for first time home buyers and does not have to be repaid. If you qualify for the tax credit and have been considering purchasing a new home, there could not be a better time. Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call local Charlotte, NC expert Scott Pridemore. The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.
