Hi Everyone!

There is alot happening in the news lately regarding the New Tax Credit Legistlation.  We specialize in working with First Time Homebuyers.  Please pass this information on to people you know who would benefit from reading this.

We would be happy to be a resource for you and your friends and family by answering all of your real estate related questions!

Your Friends,

Bill & Trisha

The new homebuyer tax credit is NOT just for first time homebuyers!
It’s for existing homeowners as well

Here’s the scoop:

Both credits expire next spring. Buyers must have a contract on a home before May 1, 2010, and they have until June 30, 2010 to close in order to qualify.

• The first-buyer credit remains 10 percent of the cost of the home or $8ooo,
   whichever is less.
• The credit for existing homeowners is 10 percent of the value of the new
   home or $6500, whichever is less.
• A first-time homebuyer cannot have owned a home during the past three
   years.
• Existing homeowners must have owned and lived in their current home five
   out of the preceding eight years.
• Only principal residences qualify. No second homes or investment properties.
• The measure raises the income limits for those claiming the credit to
   $125,000 a year for individuals and $225,000 for couples, up from $75,000
   and $150,000 in the previous first-time buyer credit. After that, the value of
   the credit phases out.
• The cost of the new home cannot exceed $800,000.