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Great News from Platinum Title

I am sure that most of you have been monitoring the status of the “Homebuyer Tax Credit”, but if you haven’t, this is what we know:

 

Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners.  The following are features of the new bill:

·         Deadline for current credit is November 30, 2009.

·         Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.

·         Eligibility and amount of new credit:

–        $8,000 for first-time homebuyers (those who have not owned a home in the last three years). 

–        Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a 

principal residence for five consecutive years in the past eight. 

 

·         Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.  

 

·         Homes valued at more than $800,000 are also ineligible.

 

 

Jinhee Choo

Platinum Title & Escrow, LLC

7010 Little River Turnpike Suite 250

Annandale, Virginia 22003

(703) 914-1555

(703) 914-1551 (fax)