Thursday, January 21, 2010

2010 Homebuyer Tax Credits

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

Beth keeps talking about moving out, and now she's talking about buying a house, with her boyfriend Tim, which probably isn't the best idea in the world, but she wouldn't want to hear it.  You never know, maybe things will work out for them, and they'll get over the drama and live happily ever after.  If they are going to buy a house, now would be a good time.

The government extended the First-Time Homebuyer Credits into 2010.  Not only that, but they have added credits for Move-Up Homebuyers too.  That means first time buyers or buyers who have not owned a home in the last 3 years aren't the only ones who can benefit from the tax credits now.  Current homeowners who have lived in their primary residences for 5 consecutive years out of the last 8 qualify, too.

Some of the highlights of the 2010 Homebuyer Tax Credits are:
  • Buyers must have a signed contract by April 30, 2010. (and close by June 30, 2010)
  • Income limits are now $125,000 for singles, $225,000 for married couples.
  • First-Time buyers can qualify for up to $8000 and current qualifying homeowners for up to $6500.
  • The cost of the home purchased must be no more than $800,000.  (Seriously, anyone who can afford to buy a house that costs $800,000 or more doesn't really need a tax credit, does he?)
You can learn more about the 2010 Homebuyer Tax Credits by visiting the Coldwell Banker website and watching the video there.  I'm not always in complete agreement with all these tax credits the government keeps wanting to give out, but if what he said in the video about home sales adding jobs and putting money into the local economy is true, then this program has the potential of helping the economy more than some of the other ones seem to.

If you're thinking that now is a good time to buy a house, you can even start searching right on the site or contact an agent who will be happy to answer any questions. 

Visit my sponsor: 2010 Homebuyer Tax Credits