More gifts from the federal government for homebuyers! New legislation signed by the President last Friday:
* Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010, and
* Expands the credit to grant up to $6,500 credit to current home owners purchasing a principal residence between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
Plus, members of the armed services, as well as intelligence service and foreign service personnel, get extra benefits! Those who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 2011.
Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.
P.S. Call me today for all your Annapolis real estate needs.