Featured Albuquerque Homes -

The Lastest News on the Home Buyer Tax Credit

Home Buyer Tax Credit Extension - FAQ's

Who Qualifies for The Home Buyer Tax Credit Extension?

First time home buyers with adjusted gross incomes up to $125,000 (for singles) or $225,000 (married couples) can get the full $8,000 tax credit if they purchase a primary residence before June 30, 2010 and have not owned a home in the past three years. The credit shrinks if your income is over those levels and is not allowed once income hits $145,000 for singles or $275,000 for married couples.

Current homeowners can get a credit of up to $6,500 if they have lived in their primary residence for five concurrent years out of the past eight, meet the same income thresholds as first time buyers, and purchase a primary residence before June 30, 2010.

How Long Do You Have to Get The Home Buyer Tax Credit Extension?

The new Home Buyer extension pushes the deadline back an additional seven months. Although the credit technically expires on April 30, 2010, if you have a binding contract by that date and close by June 30, you’ll still qualify. (The original credit was due to expire November 30, 2009.)

Members of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty get an extra year to take either credit. And if you or your spouse has been deployed overseas for 90 days or more in 2008 or 2009, you have until April 30, 2011 to claim the tax credit.

Types of Homes that Qualify?

All homes with a purchase price of less than $800,000 qualify, including newly-constructed homes or resale homes, and single-family detached homes, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

What's the Catch?

The feds don’t want to be seen as helping house flippers, so if you take the credit, you will need to stay put. If you sell the home or move to a different primary residence within three years of closing, you’ll then be forced to repay the tax credit.

What if I'm not in the Market for a Home?

Even if you’re not shopping for a home, the credit is likely to offer you a payoff.

Sellers: If your house is priced below $800,000, be sure to include language in your selling materials and online, reminding both first-time and trade-up buyers that your home may help them qualify for the credit.

Homeowners: Even if you’re not planning to buy another house soon, the credit could help your net worth. The first iteration of the credit certainly seemed to have an impact — the National Association of Realtors says first-time buyers accounted for more than 45 percent of home sales in the past year. If the new tax credit works as well, it could aid the sales of hundreds of thousands of additional homes, sopping up more of the excess inventory. And that’s exactly what you want to happen: Your home value can’t begin to rise until the other homes in your neighborhood are sold.

Informative Links:

FAQ: Frequently Asked Questions about the $8,000 First Time Home Buyer Tax Credit from the Nationial Association of Realtors®

The Basics: 2009 First-Time Home Buyer Tax Credit from theNational Association of Realtors®

For More Information Click Here to Contact Nancy Harville Now!

Or Call Our Office: 505-275-2002 E-mail: Info@newhomesabq.com

Buying a home or land in Albuquerque, Rio Rancho, Placitas, East Mountains or Santa Fe?

How Much Home Can You Afford?

A preliminary look at your income, assets, liabilities and anticipated housing or land costs will allow Nancy to help you determine a realistic price range for your new home or investment property. With this information in mind, she will have you visit with a qualified loan officer in Albuquerque who will estimate all of your costs associated with your loan, and tell you about different loan programs that are currently available. A monthly payment that is comfortable and fits your needs will also be established.

Let’s Go Shopping!

Based on a realistic evaluation of your needs and wants, Nancy Harville will introduce to you a selection of homes or land in Albuquerque, Rio Rancho, East Mountains, Placitas, Albuquerque University area, down town Albuquerque, where ever it is you desire that meets your criteria. You won’t waste time looking at properties that don’t meet your needs or are out of your price range.

You’re not restricted to homes and land listed by Nancy Harville and The Harville Estate Real Estate & Development, LLC or other firms. Nancy, as a sales professional, can show and help you buy just about any home or Residential land or Commercial land, Apartments, town homes, condo or lofts that are for sale in Albuquerque, Rio Rancho, Santa Fe, Placitas, and the East Mountains of New Mexico.

Throughout the home or land real estate-finding process, Nancy will keep in touch. She will stay in contact with you during your home search or land search and throughout the home buying or land buying process, from the selection to the final closing.

Buyer’s Tools-the Best in the Business

Nancy Harville and The Harville Estate Real Estate & Development, LLC use the best tools for helping you with the home or land buying process:

Consumer Information Brochures explain the home and land buying process
Buyer’s Needs Analysis eliminates the guesswork of finding you the right home
Lender Information Worksheet determines how much home or land you can afford
Home Buying System Booklets spell out the entire process in plain language
"A Better Way to Buy a Home" video demonstrates step-by-step
"7 Myths About Buying & Selling Real Estate" video clears up the picture

The Final Details

Now you’ve found the home or land you’d like to buy, Nancy will help you with everything from selecting the right financing, to writing a purchase agreement, or offer, on the home/land that you are purchasing. She will do a comparison of the chosen home or land to others in the neighborhood to determine a fair offering price. In addition, Nancy Harville will work for you to negotiate the best possible price, and ensure that all needed inspections and warranties are ordered.

While you may be eager to jump right in and buy a home, the home buying process will go smoother if you take the time to let your realtor gather data, and define your goals and expectations.

Nancy’s role at The Harville Estate Real Estate & Development, LLC is not to sell you a home or land—or even sell you on the notion of buying a home or land. Nancy’s job is to assess your special needs and wants, then help you select and acquire the home that best meets your needs.

Buying a home or investment property is the largest, most important financial transaction you will ever make. To ensure the home or land you purchase is right for you, take advantage of all the resources Nancy Harville and The Harville Estate Real Estate & Development, LLC have to offer.

Home Buying

Featured Albuquerque Homes -

The Lastest News on the Home Buyer Tax Credit