You haven't missed the ship yet!
It is no secret the economy has seen better times. It is no secret that the U.S. Government has been trying to help keep it afloat.
For homeowners who want to move up and want-to-be homeowners trying to buy a first home consider this your life raft.
Say "Hello" to the, The Worker, Homeownership and Business Assistance Act of 2009. The law went into effect on November 6, 2009 and in a nut shell it extends the first-time homebuyer credit for five months and allows an eligible move-up buyer to sell their home, buy a new one and receive up to a $6,500 credit.
Details can be found at The IRS.gov website. Just want the cliff notes, then here you go:
- Purchase deadline extended to April 30, 2010
- Maximum credit for a first-time home buyer is $8,000
- "Long-time resident" buyers can receive up to $6,500. To qualify a buyer must have owned and used the same home as a primary residence for at least five consecutive years of the eight-year period ending on the date of the purchase of a new home as a primary residence.
- You have the option of claiming the credit on your 2009 or 2010 tax returns.
Its a great opportunity to move-in or move-up to a new home. Once the economy is running smoothly again you can bet the homebuyer tax credits will be gone for good. Don't get left behind. Jump on board this ship before it has sailed.
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