Friday, November 6, 2009

New and Improved Home Buyer Tax Credit!!

When the news got out about the $8,000 first time home buyer tax credit, our phones and Internet leads were flooded with young couples looking for their first home to take advantage of this once in a lifetime offer! Now, the American Government has extended this offer and is now offering a maximum credit of $6,500 to existing home owners who have owned their current home for a minimum of 5 years! This is great news to many people looking to buy a home.

Of course, there are still many questions being asked and details being confirmed. We received a question this morning from a buyer asking: "I fit the requirements to be eligible for this tax credit but my contract is already pending. Will I still receive the tax credit?" Many questions like hers are being posted in online blogs, and various social networking websites.

While the house and senate figure out answers for these situational questions, the general understanding of the new long time resident home buyer tax credit goes as follows:
  • Must be at least 18 years old
  • The purchase price can not exceed $800,000
  • Only applies to primary residencies
  • 10% of the purchase price (maximum $6,500 will be credited)
If you are interested in buying a home with this opportunity, please visit to search for Marietta homes for sale and other metro Atlanta areas.