Not only is it a great time to buy a home as a first time home buyer, but it is also a good home sellers market. Everyday, the news seems to indicate that this is one of the best real estate markets for first time home buyers with affordable home prices, lower mortgage interest rates, and the $8000 federal first time home buyer tax credit.
Forgotten in all this good news about first time home buyers is the fact that the same federal legislation that ushered in the $8000 first time home buyer tax credit also authorized a $6500 home buyer tax credit for current homeowners who meet certain qualifications.
Just in case you are a current homeowner who has lived at your residence for 5 consecutive years in the last 8 you may qualify to get a $6,500 tax credit just as one incentive to purchase a new home.
Qualifications of the Repeat Home Buyer $6500 Tax Credit
Tax Credit Eligibility Includes:
- you as a repeat buyer must sign a binding home purchase contract by April 30, 2010 and close on the home by June 30, 2010,
- being subject to income limits, $125,000 for single buyers and $225,000 for couples, and
- the sale price of the home being purchased cannot exceed $800,000.
One good thing to note is that, you do not have to sell your current residence to be eligible for the $6,500 tax credit. However, if you don’t desire to get stuck with two mortgage payments you should look at listing your own home on the market as soon as possible while you look for a new home.
The sales cycle in the Phoenix, Surprise, Sun City West markets are longer than other areas and you do not have the luxury of time if you want to take advantage of this housing tax credit and lower mortgage interest rates.
Speak to one of our agents about selling your Phoenix AZ home and buying a new home to get the $6500 home buying tax credit.
