Hello, welcome to my blog.
With years of experience in real estate industry, I started this blog to share my ideas with all of you. My posts are for buyers, sellers and real estate professionals.
I am member of powerhouse team of Remax Specialists. With a unique love for the area and people I serve, I presently
reside in Upper Marlboro, MD, with my beautiful wife who I married 8 years ago, and my four wonderful sons.
You can also find my posts here:
http://heywardhomes.blogspot.com/
Or visit my homepage:
http://heywardhomes.com/
If you are from MD or DC or you are planning to move there, I can give you free consultation - just send me an email to charles.heyward@gmail.com
All the best,
Charles
With years of experience in real estate industry, I started this blog to share my ideas with all of you. My posts are for buyers, sellers and real estate professionals.
I am member of powerhouse team of Remax Specialists. With a unique love for the area and people I serve, I presently
reside in Upper Marlboro, MD, with my beautiful wife who I married 8 years ago, and my four wonderful sons.
You can also find my posts here:
http://heywardhomes.blogspot.com/
Or visit my homepage:
http://heywardhomes.com/
If you are from MD or DC or you are planning to move there, I can give you free consultation - just send me an email to charles.heyward@gmail.com
All the best,
Charles
Home buyer tax credit extension- icing on the cake
Posted 12-01-2009 at 05:49 AM by CharlesHeyward
Finally, a sigh of relief for homeowners who have been struggling to make it to the November 30 deadline. The new and revised credit extension program signed into law on November 6, 2009 expands the deadline through April 30, 2010 with a further extension until June 30, 2010 for those who enter into a contract by April 30.
This time the revised program has something more to offer than just the extension. The government promises $6,500 credit to homeowners who match the second set of criteria:
1. The buyer should have lived in the current residence for five consecutive years of the last eight years.
2. The annual income in case of a single person should not be greater than $125,000 while for a married couple it should be up to $225,000
The revised tax credit extension comes as a surprise for existing homeowners who never thought they would qualify for tax credit as they have been living in the house for several years. It has opened the gates for thousands of Americans to take advantage of the tax credit.
The government may market the new program as ‘move up’ credit, but there are no rules, which say that you have to buy a property with a higher price. You have the flexibility to purchase a lower valued property as well.
Moreover, the new tax credit does not need to be repaid to the government. It is like an outright discount for buying the house if you match the government requirements. The only obligation you face is that if you sell the house in the first three years of ownership, you will have to return the money to IRS. So, if you are planning to buy a house anytime soon choose carefully because you will not be to move out at least until the next three years.
Best, Charles
This time the revised program has something more to offer than just the extension. The government promises $6,500 credit to homeowners who match the second set of criteria:
1. The buyer should have lived in the current residence for five consecutive years of the last eight years.
2. The annual income in case of a single person should not be greater than $125,000 while for a married couple it should be up to $225,000
The revised tax credit extension comes as a surprise for existing homeowners who never thought they would qualify for tax credit as they have been living in the house for several years. It has opened the gates for thousands of Americans to take advantage of the tax credit.
The government may market the new program as ‘move up’ credit, but there are no rules, which say that you have to buy a property with a higher price. You have the flexibility to purchase a lower valued property as well.
Moreover, the new tax credit does not need to be repaid to the government. It is like an outright discount for buying the house if you match the government requirements. The only obligation you face is that if you sell the house in the first three years of ownership, you will have to return the money to IRS. So, if you are planning to buy a house anytime soon choose carefully because you will not be to move out at least until the next three years.
Best, Charles
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