Thursday, November 19, 2009

Home Buyer Tax Credit Has Been Extended

Have you heard the good news? The first-time homebuyer tax credit was scheduled to expire on December 1, 2009, but it has been extended! Now is the perfect time to act! This credit now allows first-time buyers to claim 10% of the purchase price of their home, up to $8,000 if they close on the purchase by June 30, 2010. You must be locked into a contract prior to April 30th to take advantage of these savings!

The extension also now allows for those with incomes up to $125,000 filing individually or $225,000 for taxpayers filing jointly. The credit reduces for those making up to $145,000 individually or $245,000 if filing jointly. It also allows for taxpayers who have lived in their home for five consecutive years to qualify for a reduced credit of up to $6,500 if filing jointly. Still not sure if this is the right time to buy?

Want even better news? Minneapolis area home prices improved by 3.2% from July to August, according to S&P/Case-Schiller Home Price Indexes. That means that the Minneapolis area home prices improved more than any other metro area in the index. Don’t miss out on your chance to take advantage of these unprecedented savings!

Call one of our qualified loan officers now at 763-784-3400 to find out if you qualify for any of our amazing programs and start saving today or visit us online at

Home Buyer Tax Credit Extension

First-time homebuyer tax credit was extended until April 30, 2010. The extension is part of a $24B economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from a current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

There are too many details that apply to the homebuyer tax credit expansion to list.

Please inquire within Contractors Capital at 763-784-3400 or consult with your tax advisor…
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