South Roanoke, VA

The 1st Time Home Buyer Tax Credit has been extended! Great News for Roanoke Virginia Home Buyers. The first time Home Buyer Tax Credit has not only been extended but it has been expanded. The old tax credit only applied to first time home buyers. The definition of first time home buyer was defined as someone who had not owned a home in the past three years. There were income limits that did not affect most of the first time home buyers in the Roanoke Virginia area but those income limits have been raised with this new extension.

The new tax credit has been extended till April 30, 2009. This extension is somewhat different than the current tax credit in that you must have a ratified contract by April 30, 2010 and you must close that loan by June 30, 2010.

The expansion of the tax credit is a $6,500 tax credit for anyone buying a home, even existing home owners with a few caveats......

1) They must have lived in their previous home for 5 of the last 8 years. (I have no idea why)

2) The new purchase must be the buyers new primary residence.

3) There are income limits that apply but they are greatly expanded and will not affect most Roanoke area residents.

I do have a CPA available to answer any questions you, your family or friends might have so please don't hestitate to call.

Damon