Metro Brokers Financial

HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED

Realtors and homebuyers across the nation have been anxiously waiting to hear whether or not the Federal Homebuyer Tax Credit will be extended. In some of the best news this year, President Barrack Obama both extended and expanded upon the Homebuyer Tax Credit on Friday.

In the newest iteration of the bill, first-time homebuyers aren’t the only ones getting a break. Effective immediately, a new provision has been added that allows a $6,500 tax credit for current homeowners who have lived in their home (with it being their principal residence) consecutively for 5 of the previous 8 years.

The deadline for both credits is April 30, 2010. There must be a written binding contract to purchase is in effect on April 30, and the purchaser will have until July 1, 2010 to close.

This opens up brand new opportunities for sales associates across the board as hundreds of thousands more homeowners become eligible for a tax credit. The National Association has put together a webpage explaining the tax credit changes in details titled "The Basics: Extended Home Buyer Tax Credit 2009/2010".

There's even a special exception for active military personnel serving overseas that provides more time for them to purchase a home.

Read the blog entry by Judy Jones, Vice President of Metro Brokers Financial, for more details on all of these credits: Homebuyer Tax Credit Extended and Expanded

To begin working with a mortgage brokerage you can trust, contact a MBF loan officer at 404.847.2525.

Metro Brokers Financial, Inc., 5775-D Glenridge Drive, Suite 200, Atlanta, Ga. 30328 A Georgia Residential Mortgage Licensee # 5892. NMLSR Unique Identifier # 163853. 404-847-2525