In early July of 2010, the National Association of Realtors (NAR) applauded congress for passing a bill to extend the homebuyer tax credit deadline. The bill, which was signed by the president on July 2nd, is designed to create a harmonious extension from its old deadline of April 30th to the new deadline on September 30, 2010.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, was originally passed in November of 2009 with the intention to simulate the U.S. housing market. The legislation functions by extending first-time homebuyers a tax credit up to $8000 until September 30, 2010, and expand the credit to grant $6500 credit to current homeowners purchasing an existing home between November 7th 2009 and September 30, 2010.
Buy Sell Lease (BSL Real Estate) of Excelsior, MN encourages potential homebuyers to take advantage of such credits. The Lake Minnetonka area has developed a reputation as one of the most sought after areas in the Midwest—which may be discouraging to first-time homebuyers, but the area greatly offers options within the brackets of this bill. Around Lake Minnetonka there are many older quaint neighborhoods with starter homes along the lake, and of course, backlots are less expensive than a home with lake frontage.
In regards to the qualifications for these credits, you might be surprised by how many homebuyers would qualify. Here’s the breakdown: Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for up to $800,000. Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. However, if you exceed these limits you may still be eligible for the credit. And, if the buyer occupies the home for three or more years the tax credit does NOT need to be repaid.
For further information regarding H.R. 5623 please contact Buy Sell Lease (BSL Real Estate)
O: 952.460.3420
F: 952.460.3421
E: Travis@BuySellLeaseMN.com
All the best,
Travis Senenfelder
BSL Real Estate
440 2nd St., Excelsior, MN 55331
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