Seattle area home buyers can benefit from extende=
d tax credits for first time buyers and move-up home owners.
First Time Homebuyers
The current law is extended until April 3=
0, 2010. Buyers have until that date to have a signed purchase agreement. T=
here is an additional 60 day grace period to complete the financing. More f=
irst time homebuyers are eligible because the new law raises the annual inc=
ome limits from $75,000 to $125,000 for singles and from $150,000 to $225,0=
00 for married couples.
Current Home Own=
ers
Over 60 percent of current home owners will be eligible=
for a tax credit of up to $6,500 if they purchase a home by April 30, 2010=
.. These homebuyers must have lived in their home for five consecutive years=
over the previous eight years to qualify. Qualified homebuyers can get the=
credit if they purchase a home for $800,000 or less as their primary resid=
ence between November 7, 2009 and April 30, 2010. The income limits are the=
same as the First Time Homebuyer listed above.
Sam DeBord a=
nd Brian Wiegand
Seattle Real Estate Brokers
SeattleHome.com
(206) 552-8820
[tags seattle homes, seattle real estate]
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