Seminole County Homebuyers… the homebuyer tax credit has been extended until Sept 30th, 2010.

The Senate voted yesterday on a stand alone bill [HR 5623] to extend the closing deadline for homebuyers who were under contract on a home by April 30, 2010.   The National Association of REALTORS estimates there are 14,830 homebuyers in Florida who are waiting to close and 180,000 nationwide.

Once the President signs the bill into law many of those patient homebuyers can breath a sigh of relief.

The majority of those waiting to close on their homes are purchasing short sale properties that are stuck in a backlog of files waiting for approval from the servicing lender.

This extension will give many deserving first time homebuyers the time necessary to close and receive the tax credit.

I know one family who’s very pleased with this GOOD NEWS!

First Time Homebuyer Tax Credit Ends November 30, 2009

It’s true… Time is running out for first-time homebuyers to to take advantage of the $8000 Federal Tax Credit when they purchase a new home.  Buyers are scrambling to find their dream homes and close by November 30, 2009.  Yes, it’s only August, but with over 60% of the home sales in Seminole County being distressed properties [with closing times between 45 to 90 days] now is the time to get moving and make a decision on a Central Florida home.

Quick First-Time Home Buyer Tax Credit Facts At A Glance:

• The Tax Credit is for first-time home buyers only, according to the IRS a first-time home buyer is someone who hasn’t owned a principal residence within the last three years prior to the purchase of their “new” home.
• The Tax Credit DOES NOT have to be repaid.
• The Tax Credit is equal to 10% of the purchase price of the home up to $8,000.
• The Tax Credit is valid for home purchases made on or after January 1, 2009 and before December 1, 2009.
• Single tax payers with incomes up to $75,000 and married couples with income up to $150,000 qualify for the full tax credit.

If you’ve been thinking about purchasing your first home in Lake Mary or any Central Florida city there won’t be a better time.  With home prices at their best value in 10 years and interest rates at historic lows, it is the time to purchase your first home.