Repeat Home Buyer Tax Credit

Austin Real Estate Buy Your Home Buyer Incentives Repeat Home Buyer Tax Credit

Repeat Home Buyer Tax Credit

Attention: open in a new window.

Austin Real Estate, Buyer Incentives A tax credit of up to $6,500 is available for qualified move-up/repeat home buyers purchasing a principal residence, as authorized by the federal government as part of the Worker, Homeownership, and Business Assistance Act of 2009.

Congress has also extended the tax credit of up to $8,000 for qualified first-time home buyers.

Crunch Time is Now!

The tax credit now applies to sales occurring on or after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. There will likely be a flood of closings as the deadline approaches, and contracts scheduled to close within the last month of the program could be pushed beyond the deadline. Title companies report that closings are currently averaging 45 days from the contract date, so we strongly urge you to plan ahead and begin looking for your new home in time to receive the tax credit.

That means that NOW is crunch time for buyers who don’t want to miss the $6,500 benefit!

Call us today at 512-470-2277 to get started, or fill out the short information form below. If you are already a homeowner, please spread the word to friends, family, or anyone you know who has not owned a home in at least three years and may qualify for this incentive!

Yes! Please tell me more about this program!

If you would like more information about the $6,500 repeat home buyer tax credit, please fill out the simple form below and one of our representatives will be happy to help guide you through the process.

Who Qualifies?

Repeat home buyers who purchase homes between January 1, 2010 and April 30, 2009. If a contract is signed by April 30, 2010, the home may close as late as June 30, 2010.

To qualify, the purchaser or his/her spouse must have owned and resided in a home during five consecutive years of the eight years prior to the purchase.

Which Properties Are Eligible?

The tax credit may be applied to primary residences, including single-family homes, condos, and townhomes with a purchase price less than or equal to $800,000. The new home does NOT need to be more expensive than the home being sold.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $6,500. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $6,500.
The buyer's income—single buyers with incomes up to $125,000 and married couples (filing jointly) with incomes up to $225,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for a partial credit. Consult your mortgage lender or tax adviser for details.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Sources: National Association of Realtors, National Association of Home Builders

First Name: *
Last Name: *
Email: *
Phone Number: *
Comments:

First Name: *
Last Name: *
Email: *
Phone Number: *
Comments: