NJ real estate news
Why is it a good time to sell your home? First-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time home buyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500.
First-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. But this opportunity ends in April1.
Tom Kunz, President and CEO of Century 21 Real Estate LLC, comments on the legislation.
- Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.
- First-time homebuyers may receive a credit of 10 percent of the purchase price (up to $8,000). Consumers who have never owned a home before or have not owned a principal residence in the last three years, are considered a first-time homebuyer.
- For the "Move Up" consumer, a tax credit of $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years. Homebuyers can receive a 10 percent credit up to $6,500 when they contract to purchase a home between now and April 30, 2010, and close no more than 60 days after April 30, 2010.
For additional details, including some new benefits for FHA loans, click on the National Association of Realtors links below:
- Homebuyer Tax Credit FAQ from National Associations of Realtors1
- Tax Credit Comparison Chart from National Association of Realtors1
- Tax Credit as a Down Payment FHA Mortgage Flyer1
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