Homebuyer Tax Credit Provides Incentives for Buyers

With low interest rates and an abundance of inventory buyers are seeing that now is the time to buy. And for those who were previously on the fence, the recently extended 2009 first-time homebuyer tax credit is becoming the incentive they need, allowing buyers to save thousands on a new home this year.

“The $8,000 tax credit has been extended for first-time home buyers who purchase a principal residence until April 30, 2010,” said Brandi Wells, REALTOR® of Prudential Colony Realty. “In addition, a $6,500 tax credit or grant is available to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. Unlike previous homebuyer tax credits, this credit does not have to be repaid.”

The details of the credit are similar to the one offered in 2008 and include the following requirements:

  • Buyers must close on their home purchase by April 30, 2010
  • Buyers must ensure that they are qualified first-time buyers under IRS guidelines
  • Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
  • Each home buyer’s tax credit is determined by the price of the home and the buyer’s income.

The success of the tax credit thus far has led to its extension beyond the initial deadline. This is just one of many efforts under way to help people like you achieve the dream of homeownership.

With all of the requirements and restrictions for this credit, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.

Wells is one of more than 40,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer’s Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world. 

 To find an ABR®-designated agent near you, and to receive a free copy of the REBAC-published Homebuyer’s Toolkit, visit http://www.REBAC.net or call 800-648-6224.


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