• Address: Ramsey, MN 55303 (map)
• Date Posted: 11/06/09

GREAT NEWS FOR PROSPECTIVE HOME BUYERS! Your stimulus check awaits. Congress has extended and expanded the home buyer tax credit. Provisions of the new legislation are indicated below:

1 - All First-Time Home Buyers qualify for a Federal rebate up to $8000 for any home they purchase as a Primary Residence before April 30, 2010. First Time Home Buyers include anyone who has not owned a Primary Residence for the past three years. (Credit is $4000 each for married couples who file separately.)

2 - Unlike the previous legislation, this version allows two additional months in which to close on the property (deadline is July 1, 2010). This will avoid a recurrence of the last minute buying frenzy and possible disappointments. (FHA loans can take up to two months to close.)

3 - The expanded legislation now includes ALL homeowners who have lived in their Primary Residence for five of the past eight years. These current homeowners qualify for a Federal Tax rebate of up to $6500 for the purchase of a new Primary Residence. (No less-than-arms-length transactions allowed, and the purchase price may not exceed $800,000.)

4 - Qualifying income limitations have been expanded to $125,000 for singles and $225,000 for married couples (with $20,000 phase-out).

Other buyer incentives are available, which will vary by municipality. This is certain to make for a spirited winter buying season. Imagine what you can do with an extra $6500 to $8000 in cash.

Please call me now to discuss your options or to arrange a personal appointment. Equal Housing Opportunity.

Scott Secor, Realtor with Bridge Realty -- 612-272-7864

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