Re-Blog! Here's the scoop from Jim Lee a TN real estate agent. The chart is from NAR.
Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.
The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.
Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.
Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.
The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.
Jim Lee, CRS, ABR, GRI, ACRE, NAR Certified e-PRO Trainer
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Visit my blog: www.KnoxvilleTennesseeRealEstateBlog.com
Realty Executives Associates, Knoxville, Tennessee
See all Knoxville area Realtor listings at: www.KnoxvilleHomeCenter.com
(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
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Maureen,
Thanks for the heads up. I need to check NAR more frequently.
I never check NAR they are often in my mailbox though. I rely on my friends like Jim Lee to check the NAR site.
Actually someone emailed it to me; I don't look too often either. ;)
Well someone must... thank God for them. I was going to Re-Blog a lender who posted it but went with YOURS thanks.
Great chart...Jim and Maureen...hey Maureen...what made you decide to "get corny" ? We miss your red locks..and smiling face !
It was in my mailbox to on Friday from my bosses, bosses, boss? Harley E. Rouda Jr. (HER in Real Living HER, or HER Sr. was the orig HER) mailed the chart to us... couple of attachments. I did not see the chart.