Tax Credit - Take Action if the time is right for you

Realtor.org, an on-line website, reports that Congress is debating extending and expanding the $8,000 first-time homebuyer tax credit which currently expires Nov. 30. By the end of November, according to Realtor.org, more than 118 million home buyers will have used the credit, many who would not have bought a home without it.

The Chief Economist for MoodysEconomy.com, Mark Aandi, is in favor of extending the tax credit. As he stated so well, "Nothing works in the economy if housing is falling....the tax credit is vital to stem housing price declines. Extending the tax credit and expanding it to additional home buyers could be accomplished through using unspent stimulus money to offer more home buying opportunities to additional customers.

Realtor.org took this information from CNNMoney.com. by Les Christie (10/14/2009).

Permmit me to assist you if you wish to take advantage of this tax credit. Time is running out. Be sure to get prequalified with a lender so you can find a home and close your deal before the tax credit runs out. If it is extended, I will be glad to have you as a customer and search for an ideal match for you.

First Time Homebuyers Tax Credit

For people who recently purchased a home or are considering a home purchase that can close by November 30, the $8,000 tax credit for first-time homebuyers can be an attractive motivator. Unless extended by Congress, however; one needs to move quickly to qualify, find the right home, and meet requirements for the credit. Be sure you are prequalified with a good lender and ready to select a home that can close prior by 11/30.

According to IRS Commissioner Doug Stulman, "For people who recently purchased a home or are considering buying...[soon], there are several different ways that they can get this tax credit...."

The IRS reports that under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1 receive up to $8,000 or $4,000 for married people filing separately.
My broker's blog provides additional information and links: http://raymondwarren.blogspot.com/2009/10/last-chance-45-days-to-close.html.

According to the IRS, the amount of the credit beginsn to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joing filers. Taxpayers can claim 10 percent of the purchase price under the terms of the Recovery Act. Go to www.Recovery.gov for additional information.

Please permit me to assist you in finding your first home or in other real estate needs. I am now licensed in TN and GA.