Part of the new, expanded first time home buyer tax credit, is not for first time buyers at all. If you have lived in your home for 5+ years out of the past 8 years, and are now moving, then you will qualify for a $6500 tax credit when you purchase your new home.
The details:
- Must be a primary residence
- Max income limits to qualify of $125K single, and $225K for a couple filing jointly (with pro-rated tax credit for $20K above those limits)
- The home purchased must be under an $800K purchase price to qualify
- Be under contract by April 30, 2010, and close on that home within 60 days of April 30.
So, with rates this low, and home prices at such lows, couple that with the $6500 tax credit for move-up buyers – and still $8000 for first time home buyers – and the affordability of homes is really at an all-time high. That is, since the Affordability Index has been tracked, beginning in 1970.
Call or email if you want to get pre-approved for an metro Atlanta home purchase.
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