There are only 14 weeks to get your new home into escrow for the homebuyer’s tax credit. Act now!! If you are a first time buyer, you can qualify for a tax credit up to $8,000. If you are a homeowner for the past five years, you might qualify for a $6,500 tax credit if you purchase a new primary residence. In either case, you must have your purchase contract dated by April 30th, 2010 and close of escrow must take place by June 30th, 2010. Members of the armed forces and federal diplomatic and intelligence personnel stationed overseas get and extra year to claim their credit.

Contact me, David Wolsky for more details… the direct line is 520-529-7515 or email me at david@davidwolsky.com.

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New legislation was signed into law on November 6th. The $8000 tax credit for first time home buyers has been expanded to include a $6500 tax credit for existing home owners buying a new primary residence. Here are some of the qualification guidelines:

• You are eligible for the tax credit if you have owned and lived in your home as your primary residence for at least five of the last years. This tax credit could accommodate homeowners who lost their homes due to a foreclosure in the past couple of years, but did not replace the home. (Although it might be difficult for those folks to qualify for a new loan).
• You must have a binding contract by April 30, 2010 and a settlement by June 30, 2010 to be eligible for the tax credit
• The sales price of the home may not exceed $800,000.
• The property could be a newly constructed home, an existing home, a manufactured house, townhouse or condo. Mobile homes or houseboats are also eligible if they become your primary residence.
• You must make the replacement house your primary residence. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home, or list it for sale later in 2010 when prices might be higher. If you plan to keep it, be sure to move into the new house on the day you close so there is no question it was your principal residence at that time.
• You are not eligible for the credit if you are buying a second home or an investment property.
• Congress  is requiring the IRS to scrutinize claims for tax credits (both for the $6,500 and the $8,000 for first time buyers) much more closely than it did earlier in 2009 because federal investigators have documented significant instances of fraud. Investigators found various violations, such as purchase transactions between immediate family members, which are prohibited. The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405. Congress’ new rules also prohibit individuals under the age of 18 or who are counted as dependents on another taxpayer’s filings from claiming the credit.
• Eligible home buyers who go to close after Nov. 6 but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Eligible buyer who close in 2010 will be able to file for the credit on their 2009 returns or 2010 returns.
• Income limitations are $125,000 a year for a single and $225,000 for married couples filing jointly. The sale of a home could affect your income. Talk to your tax adviser for further information. You can also find information on http://www.irs.gov/.

If you or someone you know is interested in buying a house, call me, David Wolsky to get a same day approval! I can be reached on my direct line, 520-275-2536. My email address is david.wolsky@mortgagefamily.com.

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How the homebuyer tax credit would work:

• Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.
• Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
• Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
• Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
• How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
• New anti-fraud limitations imposed.
• Cost: $10.8 billion.

 Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill.

Call David Wolsky of PHH Home loans for further details. I can be reached at 520-275-2536.

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