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Archive for the ‘stimulus tax credit’ Category

NJ Home Buyer Tax Credit Awaits Governor’s Approval

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Federal home buyer tax credits may have expired but in New Jersey a new tax credit issued by the state will be available soon. That is if the Governor actually signs the new legislation. The NJ State Assembly and the State Senate easily passed the tax credit that would provide buyers up to $15,000 spread over three years. Total amount set aside for the tax credit is $100 million with 75% of the money earmarked for new construction to help stimulate the ailing construction sector of the economy. Claiming the credit would be on a first come first serve basis.  The credit would expire once the $100 million is exhausted.  The tax credit has been sitting on Governor Christie’s desk since June 11th awaiting his signature but it is unclear if the Governor will approve it given his concerns with the state’s budget crisis.

Closing Deadline for Tax Credits Extended

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Home buyers that qualified for Federal Stimulus Home Buyer Tax Credits but have not yet reached settlement now have a little more time.  The deadline for closing on such purchases has been extended until September 30, 2010.  The previous deadline was June 30th. As many as 180,000  home buyers were in jeopardy of losing their tax credits had Congress not extended the deadline.

Home Buyer Tax Credits Extended for Military Service Members

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For most of us the Economic Stimulus Home Buyer Tax Credits expired at the end of April 2010,  but for personnel of the U.S. Uniformed Services that have served abroad in 2009 and 2010 the tax credit has been extended until April 30, 2011.  The extension applies to qualified members of the Uniformed Services that have served extended duty outside of the United States for atleast 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Move Up Home Buyer Tax Credit Details

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The Move Up/Repeat Home Buyer Tax credit is a $6500 tax credit available to existing home owners that purchase a new principal residence between November 6, 2009 and April 30, 2010. The deadline for closing on the purchase is June 30, 2010 as long as a binding sales contract is signed by April 30th. To be a qualified move up buyer you must own and have lived in your current principal residence for at least five consecutive years. For married taxpayers both spouses must qualify. The tax credit can be monetized to use for closing costs of FHA-insured mortgages. This means that buyers do not have to wait to file their income taxes to claim the credit. HUD will allow the anticipated tax credit to be used immediately for down payment or closing costs. To take advantage of the move up tax credit fill out an Chosad loan request form, or give us a call at 604-916-2321.

Home Buyer Tax Credit Extended and Expanded

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The First Time Home Buyer Tax Credit created earlier this year in the Economic Stimulus Packagage has been extended to April 30, 2010. The tax credit was set to expire at the end of November. More significantly, the tax credit has been expanded to include buyers who are not purchasing a home for the first time. A $6500 tax credit is now available to homeowners purchasing a new home that have lived in their current residence for five consecutive years. The credit is limited to purchases below $800,000 and to individuals who earn less than $125,000 per year, or couples earning less than $225,000. To take advantage of these tax credits fill out an Chosad loan request form, or give us a call at 604-916-2321.

Without an Extension The Stimulus Tax Credit is Set to Expire in 5 Months

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The $8000 First Time Home Buyer Credit created as part of the Stimulus Package passed by Congress earlier this year is set to expire 5 months from today. There has been much speculation that the tax credit will be extended, but currently there is no definitive indication that Congress will extend the deadline. Right now the clock is ticking. If you have been thinking about purchasing your first home now is the time to act to ensure you capitalize on the credit. 5 months may seem like a lot of time but when it comes to real estate that is not so. It takes time to find the right home, negotiate an offer that is accepted by the seller, get approved for financing, have all the necessary inspections of the home performed, dot all the I’s and cross all the T’s required, and finally get to the table for closing. So don’t delay, get started today. The best way to get started is by filling out an Chosad loan request form for a pre-approval letter. Having a pre-approval letter helps get the buying process moving because it signals to all parties involved that you are a serious buyer. It also provide leverage in negotiations with sellers.

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