first-time homebuyers who purchase in 2009 prior to November 2009 will have the opportunity to reap the benefits of a tax credit. Right now, it sits at $8000 or 10% of the value of the home tax credit. This is a CREDIT, not a tax deduction, which is money in your pocket! However, if the household income exceeds $150,000 for couples and $75,000 for single tax filers, you may not be eligible. If you sell the home within 3 years of purchase, this credit may need to be repaid.
This tax credit may only be used on primary residences, cannot be used for investment properties. This can be used for single detached homes, townhomes, or condos and manufactured homes.
The loan limits have now been raised -between $417,000 and $729,750, you can obtain an extension on the additional tier of conforming loan amounts. These loans will be eligible for rates that are slightly higher than conforming rates, but less expensive than the standard jumbo rates. This is good news for the $500,ooo-$700,000 price range!
Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com
About Me
- Joan Cox
- Denver, Colorado, United States
- With 13 years in real estate, I specialize in relocation, new construction, investor purchases, first time homebuyers and sellers. Ask me about my web site! Call today - 720-231-6373 In August 2009 I opened MY OWN Metro Brokers office in the Tech Center.
