First Time Home Buyers Credit Extension/Move Up Buyers Tax Credit

This is the best time to buy. The interest rates are at historic lows. There is a large inventory of homes to choose from. The prices are extremely competitive. The tax credit for first time home buyers, has been extended. There is now also a tax credit for the current homeowner. This is a great time to buy!

The interest rates are the lowest they have been in almost forty years. You want to consider putting your finances in order, to enable you to qualify to purchase a home. Talk with a lender and let him guide you onto the track of home buying. You can not let these low interest rates pass you buy. The Fed has announced in March it will pull back on the mortgage-backed-securities in March. The financial experts are predicting this will drive interest rates up to over 6 percent.

There is a large inventory of homes available from the low end to the high end. The homes are competitively priced. No more inflated prices from a few years ago. Builders are offering unprecedented incentives for new homes. The lower prices of the homes along with the low interest rates, allows you to buy more house than you could purchase just a few short years ago.

The tax credit for the first time homebuyer has been extended to April 30, 2010. There is an extra 60 days if the buyer has a written binding agreement by April 30, 2010 that will close before July 1, 2010. The income limits have changed: $75,000 to $125,000 single, $150,000 to $225,000 for married, these income limits are also applicable for the $6500 tax credit. The cost of the home can not exceed $800,000. To be eligible for the $6500 tax credit the homeowner must have used the home sold or the home being used as their principal residence consecutively for the five years of the previous eight years. If you are married and filing separately the credit is only for $3250, the same formula holds true for the first time homebuyer tax credit. Unlike the previous tax credit, the extension requires that the documentation used for the purchase of the home must be attached to your tax return.

TAKE ACTION NOW!!! This is a great time to buy a home.

Susan Jackson, Associate Broker

America's Network Realty Group, Inc

Office: 770-551-5852

Fax:770-551-5866

Email: sjackson@kstrealty.com