NEW Tax Credit Incentive: Up to $6500 for Repeat/Move-Up Home Buyers!

Yes... you read that correctly! The U.S. Government has approved a Tax Credit for existing homeowners looking to buy their next "home-sweet-home!" Here are a few things you should know...

REPEAT/MOVE-UP HOME BUYERS
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1. Who is considered a "Repeat/Move-Up" buyer? [For the Tax Credit] - A Repeat/Move-Up Home Buyer is a home owner who has owned and lived in their current primary place of residence for five consecutive years within the past eight years prior to the new purchase date.

2. "Purchase Date:" The day of closing and transfer of title.

3. How is the amount of the Tax Credit determined? The Tax Credit is 10% of the purchase price, up to $6500. (ie, $65,000 purchase price equals $6500 Tax Credit).

4. Is there an income limit to qualify for the Tax Credit? Yes, there is an income limit... $125,000 for a single tax payer and $225,000 for married tax payers filing jointly.

5. How do I claim the Tax Credit? Is there an application or separate qualifying? Filing for the Tax Credit is fairly easy. There are NO applications and NO other financial qualifying! Simply fill out IRS Form 5405 [ http://www.irs.gov/pub/irs-pdf/f5405.pdf ] and mail it in with a copy of your "HUD-1 Settlement Statement" as proof of purchase. To make sure there are no delays, I strongly recommend you seek advice and counsel from your local tax adviser.

6. If I buy a Condo, will I still qualify for the Tax Credit? YES!! You may purchase a single-family detached home, a townhome, a condominium, a manufactured homes (also known as a mobile home) or a houseboat. AS LONG AS the home is used as your primary place of residence (not an investment/vacation home).

If you have other general questions about the Tax Credit, Mortgage Qualifying or Home Finding, feel free to call my cell... 210.378.5987. If you have technical Tax/Tax Credit inquiries, contact your tax adviser. You may also visit the National Association of Home Builders (NAHB) web site for more FAQ's and answers.

http://www.federalhousingtaxcredit.com/faq1.php


This note provided by:

Val J Aranda, CHMS
"Your Certified Home Marketing Specialist"

Own a Piece of Texas: Real Estate Services & Consulting
P.O. Box 760121
San Antonio, TX 78245

Direct: 210.378.5987
E-Mail: Val@ownapieceoftexas.com
Online: www.OwnAPieceOfTexas.com