New Tax Credit for homebuyers update- its Official!

NEW Homebuyer Tax Credit! Here is the skinny:

•1. Tax Credit Extended to April 30, 2010.

•2. Sales contract must be binding by April 30^th and settlement must occur prior to July 1, 2010.

•3. Income limit qualification has increased to $125,000 for single and $225,000 for married persons.

But wait... There's more:

•4. A new Tax Credit of $6,500 was added for homeowners who do not qualify as first timers!

•5. Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Are you working with a borrower who is currently serving in the Armed forces? If the military personnel is/was stationed outside the United States for 90 days or more, they receive a separate extension.

•6. Service period must have occurred between January 1, 2009 and May 1^st 2010.

•7. The time line is extended ONE YEAR -

•a. May 1^st, 2011 for a binding contract.

•b. July 1, 2011 settlement date.

Larry Hultberg - Delaware Realtor 302-530-9186