NAHB Reminds Home Buyers: Tax Credit Expiring Soon
Originally posted by the National Association of Home Builders on 3/4/10
March 4, 2010 - The National Association of Home Builders (NAHB) wants potential home buyers to be aware that they still have the opportunity to take advantage of the $8,000 first-time home buyer or $6,500 repeat buyer tax credits, as long as they act quickly—the credits expire on April 30, 2010.
“It’s not too late to take advantage of the home buyer tax credit,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
The IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010.
More people than ever before are eligible for a home buyer tax credit, NAHB estimates that close to 70 percent of all potential buyers should qualify for some form of a credit.
“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.
The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
NAHB’s Web site at www.federalhousingtaxcredit.com, which has received more than 6.5 million visitors since the site launched, provides basic information about the credits, detailed question and answer sections, and links to additional home-buying resources for consumers.
“If you’ve been considering buying a home for any reason, the home buyer tax credit, in addition to historically low interest rates and competitive home prices, make it an ideal time to buy,” said Jones.
Posted on Mar 5, 2010 | 10:22 AM
10 Reasons to Buy Your First Lowder New Home Today
1. Money in your pocket. April 30 will be here before you know it, and that marks the last day to enter a home purchase contract and still have the potential to qualify for a Federal Tax Credit up to $8,000 for first-time homebuyers and up to $6,500 for repeat homebuyers. The contracts have to close by June 30, 2010.
2. More tax breaks. Not only would you potentially receive the one-time Federal Tax Credit, you will continue to enjoy further tax breaks as long as you are paying your mortgage. The IRS allows you to deduct any interest you pay on the mortgage, property taxes and, for those who meet certain qualifications, even some of the costs to buy your home and mortgage insurance. The tax benefits can really add up.
3. Better affordability. Current interest rates make owning a home a dream more easily fulfilled. In fact because rates are so low, home affordability has not ever been higher in the 40+ years it’s been tracked. Check out Lowder’s mortgage calculator and see just how low your monthly payment can be!
4. King or queen of your own domain. Nothing beats the feeling on owning our own home. There’s freedom to make any style changes, paint choices and wall décor you wish. And any major improvements will only make your investment more valuable. And that’s just the inside. Don’t overlook the joy of having your own lawn and garden area to do with as you please.
5. Lasting investment. No more watching that rent check leave the wallet like throwing money into a flaming furnace. Each mortgage payment you make not only keeps you in your home, but it gives back by building your equity. Homeownership remains the strongest investment you can make for long-term wealth building.
6. No-hassle new homes. Buying a new home brings a peace of mind that older or used homes cannot afford. Everything will be in perfect working condition and move-in ready, saving you countless hassles and headaches. No arguing about whether buyer or seller will make modifications outlined in the contract. No stressful or awkward negotiations. Absolutely no termites. Just a great home ready for you the day you arrive.
7. As green as you want. Lowder New Homes can help you build green. Lowder has been named a Certified Green Professional by the National Association of Home Builders (NAHB) and a Green Energy Key Builder by the Home Builders Association of Alabama (HBAA). We already have high standards for energy efficiency, and you can add many more green features as well.
8. Future growth through appreciation. Though the real estate industry is steady and growing now, home prices have fallen during the recession of recent years. This means there’s a strong foundation for realizing rising appreciation in future years. Historically, even during other seasons of declining value, home prices have been greater than consumer inflation.
9. Neighborhood living. You will enjoy changing neighbors less frequently in a Lowder neighborhood than when you live in an apartment or other rented facility. Put down some roots and get to know your neighbors. Enjoy the many amenities that Lowder neighborhoods have to offer together with your family and neighbors.
10. Quality homes. Quality of life. Your new Lowder home will be built to our very high standards of excellence. Quality is more than a slogan at Lowder. It’s a major part of everything we do. That may be why over 95% of Lowder New Homes’ customers would and do recommend us to others. After all, we never forget that at the end of the day, the desired result is a higher quality of life for you, our valued customers.
Posted on Feb 25, 2010 | 3:55 PM
