New Tax Credit 2009/2010
Extended Tax Credit
Today's home buyer has the opportunity to invest in their future by taking advantage of the Extended Tax Credit for first-time home buyers. What a great opportunity to invest in your future and build financial security for you and your family.
Whether you are interested in buying a pre-owned home or begin the adventure in building your first home now is the time to take advantage of the First Time Homebuyers Tax Credit.
And, remember this tax credit does not require repayment. But time is running out. The extension for both tax credits expire April 30, 2010, for written contracts with a minimum 60 day close no later than June 30, 2010.
Historically, the real estate housing market has led the nation out of economic downturns in the past and will do so again.
How?
The sale of one home generates an average of $60,000 of “additional” purchases (services and materials) into the national economy. In Illinois that figure is around $45,000. These added purchases create jobs, new spending and more tax revenue. (Source: National Association of Realtors)
Now, economically, is absolutely the best time to sell and buy another home.
Why?
- $8,000 tax credit (cash back) for 1st time buyers.
- $6,500 tax credit (cash back) for existing homeowners.
- Mortgage rates are at all time lows – approx. 5%
Principal & Interest monthly payment of 5%/30 yr. loan
- $100,000 = $536.82 per month
- $150,000 = $805.23 per month
- $200,000 = $1073.64 per month
Home prices are lower and competitive.
Our housing market these next few months offers the most affordable “housing index” Illinois and the U.S. have seen for many, many years.
Here are some resources that you might useful:
The Basics: Extended Home Buyer Tax Credit 2009/2010 - Realtor.org
First Time Home Buyer Tax Credit - Update November 2009 - IRS.gov
Home Buyer Tax Credit - National Home Builders Association
Let's start the process of buying a home.
Let us assist you in starting the mortgage loan pre-approval process.
