The Senate voted unanimously to extend the first time homebuyer tax credit through APRIL, 30 2010

Posted in Buying, Market Conditions, Selling, Uncategorized on November 5, 2009 at 7:00 pm

The Senate voted unanimously to extend the first time homebuyer tax credit through APRIL, 30 2010 What do you need to know?

• First time home buyers must have a sale agreement in hand by April 30 and close escrow by June 30, 2010 and would get the full $8,000
• NEW ADDITION: CURRENT HOMEOWNERS looking for a new home could also qualify for a $6,500 credit if they have lived in their existingPRIMARY residence for at least FIVE (5) YEARS
• CHANGE IN INCOME RESTRICTIONS: The home buyer’s credit would be availableto: individuals with earnings up to $125,000; or $225,000 for couples.  This is up from $75,000 for individuals and $150,000 for couples under the current law
• EXCLUSIONS FROM THE TAX CREDIT: Homes that cost more than $800,000 are NOT eligible and the buyer must be over the age of 18 years old to claim the credit.  Those who SELL their new home or STOP USING IT AS THEIR PRIMARY RESIDENCE withinTHREE (3) years would have to REPAY THE CREDIT

Inquire within to find out how I can reduce your interest rate by 1% for the first year and get a credit for your appraisal (terms and conditions apply).

I will be out of the country with limited access to email and no access to phone from November 5 through November 14.  In my absence please direct all questions regarding loans in process to my assistant Erika Sanchez.  She can be reached at (212) 805-1163 or Erika.sanchez@wellsfargo.com.  If you would like to place an application for home financing, please call my colleague David Goldklang at (212) 805-1104.  I will take over on your loan once I return.  If this is an emergency, you may email me at adam.turkewitz@wellsfargo.com.  All emails will be returned EVERY DAY in the evening.  Thank you for your patience.

Thank you.

attached: closing cost discount coupon for up to $500 for appraisal