#1 REALTOR® in Northwest Arkansas | NICKY DOU

head_left_image

Great News for 1st Time Homebuyers in Northwest Arkansas!

Wonderful news for all of you first time home buyers in Northwest Arkansas (well all over the US - however if you are looking in Northwest Arkansas - give me a call!). AND for homeowners that have lived in their home for at least 5 years can now get a tax credit of $6500... YEAH!

INFO on the new legislation passed on November 6, 2009.

The Worker, Home-ownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time home-buyer credit allowed by previous Acts. The new law:

  • Extends deadlines for purchasing and closing on a home.
  • Authorizes the credit for long-time homeowners buying a replacement principal residence.
  • Raises the income limitations for homeowners claiming the credit.  

For the first time, long-time homeowners who buy a replacement principal residence may also claim a home-buyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. 

Home-buyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time home-buyer credit. The credit:

  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

Links for more info. on tax credit:

IRS

U.S. NEWS & World Report

Federal Housing

Realtor.org

IF you are looking for a home in Northwest Arkansas - give me a call today! Don't wait till the last minute to get in on this "FREE MONEY!"

Visit my website at www.NickyDou.com OR for all of the "smokin hot deals in Northwest Arkansas including Short Sales, Bank Repo's, Relocation Properties and just HOT deals" check out www.NWAFiresale.com

Download my free phone app. to search all homes in Northwest Arkansas via your phone by texting: DOU to 87778 OR click here.

NICKY DOU

Sr. Vice President, Executive Broker

NORTHWEST ARKANSAS REAL ESTATE

KELLER WILLIAMS MARKET PRO REALTY

 

{m} 479.236.3457 | {e} nicky@nickydou.com | {f} 866.888.0955

www.NickyDou.com

 

Nicky Dou | Keller Williams Market Pro Realty

Comment balloon 2 commentsNicky Dou • November 07 2009 07:31AM

Comments

I think as long as we get them all qualified this is good news. Also the statemtns about this finally ending are good as there should be no more fence sitting. Now if we could get the employment rates up we would be well on our way to a good recovery

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros (AllMountainRealty.com) over 8 years ago

I agree Charlie - I am really excited about the homeowners that have been paying on their homes finally getting something, too!

Posted by Nicky Dou, The BEST REAL ESTATE AGENT in Northwest Arkansas (Keller Williams Market Pro Realty) over 8 years ago

Participate