Overview Of The New Home Buyer Tax Credits:

• The $8,000 1st Time Home Buyer Tax Credit Is Extended.  Binding contracts must be executed by 4/30/2010 and closed by 6/30/2010.
• New $6,500 Tax Credit Is Expanded For Trade-In Or Move-Up Buyers.  The Buyer must have lived in their current residence for 5 of the past 8 years and must live in their new residence for a minimum of 3 years after the purchase.
• Income Limits Are Raised To $125,000 ($225,000 Joint).  There are phased out credits for incomes up to $20,000 in excess of these limits.
• Eligible Home Purchase Prices Are Limited To $800,000.  This is a new addition to the previous bill.
• 2010 Purchases Could Apply For 2009 Tax Returns.
• No Repayment If Home Is Main Residence For 36 Months.
• The 36-Month Provision Waived For Active Military Moves.
• The IRS Will Impose New Anti-Fraud Oversight.

The new trade-in or move-up tax credit is estimated to apply to over 70% of real estate buyers.  There is no requirement to sell your current home - just to make the new home your principal residence for 3 years.  That allows current homeowners to rent their former residence and buy while prices are still low. It also allows buyers to purchase a pre-sale if it can be completed and closed before June 30th 2010.  These are just a few of the new possibilities that are now available for buyers in metro Atlanta and north Georgia.