Act Soon if You are a Repeat Buyer in Ormond Beach FL

Originally termed a tax credit for sellers who want to trade up, the new tax credit authorized by Congress late last year is actually for "repeat buyers." Current homeowners who have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.

The credit will help homeowners who do want to sell and buy again right away to take advantage of the great prices, and is a great financial opportunity. Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come. There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit.

But - time is of the essence. To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010.

It typically takes 45 days to close, and longer if you purchase a short sale or foreclosure, so start looking. Search homes for sale in Daytona or Ormond Beach, and contact me now so you won't lose this opportunity.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com