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TICK-TOCK! Time is running out on the free tax credit money. The $8,000 First-Time Buyer Tax Credit and the $6,500 Move-Up/Repeat Home Buyer Tax Credit are good for sales contracts written by April 30th, and the closing date must take place by June 30th. Here are some FAQ’s on the Move-Up/Repeat Home Buyer: 1. Defined as someone that has owned their current primary residence for at least 5 consecutive years prior to the purchase date. 2. New purchase does NOT have to be for a more expensive home. Must be for a new Principal residence only. 3. Amount is equal to 10% of the purchase price to a maximum of $6,500. 4. Income limits apply. Single income limit $125,000, Married filing jointly income limit is $225,000. Tax credit has a phase-out for incomes greater than these limits. 5. Tax credit is received when filing your Tax Return, Form 5405. Must submit with copy of HUD-1 as proof of purchase. 6. Does not apply if purchasing from any family member. Here are some FAQ’s on the First-Time Home Buyer: 7. Defined as someone that has NOT owned a primary residence for at least 3 consecutive years prior to the purchase date. 8. Must be for a new Principal residence only. 9. Amount is equal to 10% of the purchase price to a maximum of $8,000. 10. Income limits apply. Single income limit $125,000, Married filing jointly income limit is $225,000. Tax credit has a phase-out for incomes greater than these limits. 11. Tax credit is received when filing your Tax Return, Form 5405. Must submit with copy of HUD-1 as proof of purchase. 12. Does not apply if purchasing from any family member. Please let me know if you have any questions, and I look forward to working with you!!
7/25/09 Congratulations to Mike & Donna!!!!
They just closed on a nice brick ranch in South County. They found my website and contacted me about seeing a few homes. They hired me a their Buyer's Agent after we met,(At no cost to them!), I helped them negotiate a great price, helped set inspections, financing, title and closing on this great home. I think they will be happy here for many years! If you would like my help feel free to call or e-mail anytime! Pete.
P.S. Time is running out on the $8000 tax credit! Don't miss the bus!

