Sunday, February 07, 2010

You can use your Home Buyer Tax Credit to buy my house, if you want. But it comes with the Babies!

Between now and April, you should be planning on moving. That's the only way you'll get a free $8000, thanks to the Home Buyer Tax Credit.

The $8000 comes from the federal tax credit for homebuyers, a program that was extended and expanded recently. Before, it applied only to "first-timers," people buying their first house (or first house in a while). But now, if it's your first house, or if you've been renting for a couple years, or if you've lived in your current house for 5 years or more but want to upgrade or downgrade, you can qualify for up to $8,000 in tax credits by buying a house. ($6500 for the people who've been living in their house for 5 years).

In order to qualify, you have to be one of those kinds of people-- new, first-timers, or more-than-5-year vets of the homeowning gig, and you have to have a binding written contracst to buy the new house by April 30, 2010 (and close by June 30, 2010.)

Even the income limits have been expanded: You singles making up to $125,000 qualify, and married people can earn up to $225,000 (it phases out after that, so if you make more, check with an accountant to see what you'll qualify for.

Check out this video for more details:

And get househunting today!

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