Tagged : first time home buyer

I have LOTS to talk about in terms of real estate and homes for sale in the Fishers and Indianapolis area and too little time.   Today, I wanted to touch base on the upcoming expiration of the first time home buyers tax credit.   As you probably know, the current credit now applies to both first time home buyers and existing home owners but you must be under contract by April 30th 2010.  Here are a few good resources with all the details of the program:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

http://www.federalhousingtaxcredit.com/home.html

As we saw with the expiration of the last tax credit buyers are flooding the market and homes are selling quickly,

I am sure everyone has heard that the tax credit for first time home buyers has been extended and expanded so I thought I would post the main bullet points of the new bill as well as a quick reference guide for the first time homebuyer tax credit for Indianapolis home buyers.  The main bullet points are:

•    Contract must be signed by 4/30/10 and close by 6/30/10.
•    First-time homebuyers (not owned a home in the last 3 years) will receive an $8,000 tax credit.
•    A $6,500 tax credit will to buyers is they owned their current home for at least five consecutive years in the previous eight years.
•    Individuals with income under $125,000 will qualify.  Couples with income under $225,000 will qualify.  This is up from $75,000 for singles or $150,000 for