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First Time Buyers Tax Credit

The first-time homebuyer tax credit has been extended and expanded by The Worker, Homeownership and Business Assistance Act of 2009.

If you've been waiting for the right time to buy a home in the Tri-County New Jersey area, this may be the best time in history for you to take the plunge... whether you're a first-time buyer or not!

Here are some of the details of the tax credit:

• The tax credit limit has been increased to $8,000.
• The deadline to purchase a home has been extended to May 1, 2010.
• The deadline to close escrow on the home has been extended to July 1, 2010.
• Purchases of replacement homes now qualify for a $6500 credit, providing you have lived in the same home for 5 consecutive years during the past 8 years.

There are some restrictions, so please be sure to visit the IRS website for more information.

And before making a real estate purchase in the Tri-County New Jersey area, consult with a REALTOR® who has 29 years of local market experience. Call me at (609) 915-1317 today!