Here’s the scoop:
1st time buyers
-Still receive $8,000 (or 10% of purchase price, whichever is less)
Move up buyers
-Now get $6500 (or 10% of purchase price, whichever is less)
-Downsizing is A-ok (ie. new purchase needn’t exceed the price of the house you’re selling)
-You must have lived in the home you’ll be selling for 5 of the past 8 years
-Must be in contract on new home by April 30, 2010
-Closing needs to occur by June 30, 2010
-Income for single buyers to be below $125,000
-Income for couples to be under $225,000
This is not a tax deduction…it’s cash in your pockets!
I do realize that buying and/or selling a home is no small feat and would never try to talk someone into doing so. Buuuut, if you are already thinking about moving and your current home is in the first time buyers price range (under $225Kish), I truly don’t think there will be a better time to sell…at least for quite awhile. Especially considering how low rates have been.