Tax Credit Expanded for Jersey Shore Home Buyers

The $8000 first-time tax credit for Jersey Shore home buyers was scheduled to expire in just a few short weeks…Nov 30, 2009. I say ‘was’, because the Senate voted unanimously to extend the credit on Monday and the House of Representatives approved the extension yesterday afternoon by a vote of 403-12. The extension includes an expanded tax credit to repeat home buyers. The bill now goes to the President for his signature which is expected to happen today. 

Home Buyer Tax Credit Expansion and Extension 

  1. The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
  2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
  3. Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
  4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
  5. Limitation on the cost of a purchased home is $800,000. 

If you know anyone looking to buy their first Jersey Shore home at a time when prices and interest rates are still down, or if you are thinking of buying another Jersey Shore home and getting the new $6,500 credit please contact me today.

Search all Jersey Shore homes for sale.

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About Patrick Parker Realty

Patrick Parker Realty, an independent boutique brokerage located in the heart of Bradley Beach is your local market leader. We understand the demands of a changing real estate market and avail ourselves of the latest industry information and tools to ensure excellent results. Our Commitment to You Our seasoned Real Estate Agents are committed to providing all of our clients, from first time sellers to veteran real estate investors, quality and friendly service. We walk you through every step of the sale process offering the guidance, feedback, and expertise needed to ensure your complete satisfaction.
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One Response to Tax Credit Expanded for Jersey Shore Home Buyers

  1. Pingback: 7 Reasons To Buy Rather Than Rent Bradley Beach Home « Bradley Beach NJ Real Estate Blog

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