Real Estate Questions and Answers, Home Mortgage
Tips, Home Buying and Home Selling Financing Tips,
Stimulus Homebuyer Tax Credit,
Mortgage Payment and Financing Calculator, Weekly Mortgage Rates,
Your Homes Value, Your Free Credit Report, Your Credit Score,
Complete and Current Real Estate Home Search
THE ROCKFORD HOME SOURCE
HOMEBUYER TAX CREDIT |
A TAX CREDIT IS AVAILABLE TO QUALIFYING FIRST-TIME BUYERS WHO PURCHASE A PRINCIPLE RESIDENCE BETWEEN JANUARY 1, 2009 and APRIL 30, 2010, with a CLOSING BY JULY 1, 2010. Realistically, this means finding and being under contract to purchase a home by NO LATER THAN APRIL 30, 2010. For First-Time Buyers the tax credit equals 10 percent of a home's purchase price up to a maximum of $8,000. First-time buyers or those who have not owned a home in the last three years qualify. The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 ($225,000 on a joint return). The credit decreases above those caps with a maximum limit of $145,000 ($245,000). THE EXPANDED LEGISLATION ADDS A $6,500 CREDIT FOR CURRENT HOME OWNERS WHO PURCHASE A NEW OR EXISTING HOME BY APRIL 30, 2010 WITH A CLOSING NO LATER THAN JULY 1, 2010. ($3,250 for married couple filing separately). Must have used the home being sold or vacated as a principal residence consecutively for 5 of the previous 8 years. Any single family residence (including condos, co-ops, townhouses) is eligible if it will be used as a principal residence. This extended tax credit may only be awarded on homes purchased for $800,000 or less. Purchasers who utilize state or local revenue bond financing can also use the credit. Buyers don't have to apply for the credit. They simply claim it on their next federal tax return or, if they want to see savings earlier, they could adjust their tax withholdings through their employer in anticipation of the future credit. The tax credit not only reduces (or eliminates) a homeowner's tax liability for the year of purchase, but because it is a refundable credit, homeowners will get a refund check if their tax liability is lower than the amount of the credit. No repayment is required. However, if a home was purchased in 2009 and sold within three years of purchase the entire amount of credit is recaptured on sale. Buyers should contact a tax professional to verify benefits. Unsure if you can qualify? Look over the program details, and then contact your local lender. If you need help, email or call me at 815-381-6850 and I will get you started. But do it now! This government programs ends April 30, 2010. When it's gone...IT'S GONE! Grab the opportunity now...there's still time to get your home and your extra $6,500 to $8,000 as well.
For a list of mortgage lenders in the Rockford area and this weeks interest rate information -- see my weekly local mortgage rates update. If I can be of help to you in buying or selling a home please don't hesitate to call at 815-381-6850 or email.
|
|
FREE CREDIT REPORTS The Fair Credit Report Act now requires that each of the top nationwide credit reporting bureaus (Equifax, Experian, and TransUnion) provide consumers with one free credit report annually. Check your credit reports from the only government approved site. |
|||||||
 |
|||||||
 
|
Contact Bill Marek by e-mail | ||||||
|
Recipient of the Illinois Association of Realtors 2001 President's Achievement Award Let me show you what I can do for you as your "Personal Realtor" |
|||||||
|
by phone:
|
|||||||
|
|||||||
FOR MORE HOME BUYING AND SELLING INFORMATION GO TO:
[
YOUR CONNECTION TO THE
ROCKFORD AREA MLS FOR
ALL THE CURRENT
REAL ESTATE LISTINGS ]
|
||
|
|
||
|
all rights reserved for content and format. Bill Marek, Your Personal Real Estate Advisor, Rockford, IL
-- the Rockford Home Source by Bill Marek -- a most useful resource in your search for information about buying or selling a home or real estate in the Rockford Illinois Rock River Valley area of Northwest Illinois. We're continually striving to improve this site with the goal of making it your Rockford Real Estate Search and Resource Center. |