Government Deadlines are Fast Approaching for Montgomery Home Buyers
Buy or Refinance Your Montgomery Home NOW!!
The federal Home Buyer Tax Credit ends in just two weeks. Time is running out for you to take advantage of this incredible opportunity to get FREE money from the government to buy a home.
- DEADLINE: April 30, 2010 (June 30th with a signed, binding contract).
ELIGIBILITY: First-time buyers and repeat buyers (those who have owned and lived in one residence for 5 consecutive years of the last 8).
- INCOME LEVELS; $125,000 individual and $225,000 for couples.
- PURPOSE Allows Montgomery home buyers to receive a tax credit (which may be claimed on this year’s taxes) of $6500 to $8,000.
***Remember that a tax credit is a dollar-for dollar reduction in what a taxpayer owes. If the credit exceeds the amount owed, a refund will be issued.
2. Home Affordable Refinance Program (HARP)
- DEADLINE: June 2010
- ELIGIBILITY: The mortgage loan on your Virginia Beach property must be owned by Fannie Mae or Freddie Mac and owner occupied. Property may include 1 to 4 units. Current mortgage must be paid current and up to date. Loan-to loan value cannot exceed 125% (previously 105%).
- PURPOSE: To extend underwriting guidelines so as to allow “underwater” mortgage holders (those with loan balances which exceed the value of their Montgomery home) to avoid foreclosure.
3. MILITARY SERVICE MEMEBERS Exception!
If you are a service member on official EXTENDED duty outside of the United States for at least 90 days during the period Jan. 01, 2010 to April 30, 2010, you are GRANTED A 1 YEAR EXTENSION on the First-Time Homebuyer Credit. That means you have to be under contract by April 4, 2011 and close by June 30, 2011.
Contact us today for help getting you home buyer tax credit!
