The Homebuyer Tax Credit extends the current deadline of December 1, 2009 and offers up to $6500 for current homeowners that choose to purchase a home before the new deadline of April 30, 2010.  

Here are the tentative facts:

1.  First Time Homebuyer is still defined as a buyer that has not had an interest in a principal residence for 3 years prior to purchase.  The amount of credit available is up to $8000 for married couples or up to $4000 for married couples filing separate. 

2.  Income limits have been increased to $125,000 for a single person and $225,000 for a married couple.

3.  Current Homeowners can qualify for up to $6500 but they must have used the home sold or in the process of being sold as a principal residence consecutively for 5 out of the previous 8 years.

4.  New Expiration Date:  April 30, 2010 with an amendment clause that states that if a written binding contract is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close to receive the applicable credit.

If you have any additional questions, please contact me at 843-432-9910.

How Do I Get Started?

So, what do you need to do?  First, you need to identify if you qualify for a mortgage and how much you qualify for.  Pre-qualification is a simple process.  Contact your preferred lender.  Once you are pre-qualified, you can call me and we will search the real estate market for your new home.  Once you have found the home and closed, you can ammend your 2008 tax return or you can wait until you file your 2009 return to receive your credit.  If you tax liability is zero or less, you should receive the $8000 in addition to your return.  If your tax liability is greater than zero, your tax credit may be offset and the remaining should be refunded to you. 

To qualify as a first-time home buyer, you the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.  The tax credit, if not applied to the HUD closing statement, does not have to be repaid.

If you are not a first-time home buyer, there are still a lot of incentives to purchasing.  If you need assistance with selling your home to purchase another, please call me for a free consultation. In addition, if you have any general questions about buying or selling real estate in South Carolina, please contact me. 

Please browse my website for listings, reports and important local real estate information.