Colorado Springs Vintage Homes Blog
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Tax Credits, Low Interest, Affordale properties, must be time to buy in Colorado
Unless you’ve been hiding under a rock, you’ve probably heard about the new tax credit that Congress passed in November. Here’s a quick summary of the FAQ’s on the credit, and at the end of the article there are some links to other sites to give you even more details on it. Essentially if you are already planning on buying a house in 2010, this is even one more reason for you to purchase before April 30, 2010. Homes in Colorado Springs are more affordable than they have been in the last year, and with interest rates at all time low, the tax credit adds the icing on the cake. It’s a great time for the Colorado First Time home buyer.
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Who Qualifies?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Which Properties Are Eligible?
- The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
- The maximum allowable credit for first-time home buyers is $8,000.
- The maximum allowable credit for current homeowners is $6,500.
How is the amount of the tax credit determined?
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The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
- No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Additions to the Bill
There were some additions to this credit bill, including an anti-fraud rule, limitations on the cost of the purchased home, rules on purchases on dependents.
Additional Links:
Related Buyer Articles:
- 10 things to know about Colorado real estate5 reasons townhomes make an easy transition from apartment life
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To find out more information about Colorado Springs, Call ……
Kathy (719-287-1049) KTorline@msn.com
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
