Move-up buyer tax incentive to end on April 30th, 2010

The newly extended tax credit gives existing homeowners with five years of residency in their current home a $6500 tax credit to purchase a new home.


Current homeowners that purchase another home will be given a tax incentive if they meet certain qualifications. The credit will be available on home sales negotiated before April 30th, 2010.

So, for a limited time, qualified move-up homebuyers may receive a tax credit up to $6,500 as part of the Homebuyer Tax Credit and Advance Loan Program. Buyers have until April 30th to negotiate and June 30th to close their transactions.

If the borrower plans to live in the home as their primary residence and have owned the same home during the past five consecutive years, home owners may qualify for the tax credit. As long as the home remains their primary residence for at least three years, home owners will not have to repay the tax credit.

With current federal tax legislation you can receive a tax rebate for purchasing a home. No matter if you purchase a foreclosure or regularly listed property, the incentives may apply.

Here are some details of the tax incentive for move up home buyers:

• Available to existing
  homeowners


• For any home purchase
  where a sales contract is
  signed by April 30, 2010 and
  closes by June 30, 2010


• Available on single-family
  detached homes, townhomes
  and condominiums — newly
  constructed or pre-existing
  homes


• The tax credit does not need
  to be repaid unless the
  home is sold within the first
  three years after purchase


• Credit may only be awarded on homes purchased for $800,000 or less.


• Purchaser receives tax credit when tax return or tax addendum is filed

For more information on foreclosures in the Portland metro area or home buying strategies, go to PortlandForeclosure.com