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November 25th, 2009 9:36 AM by David W. Welch
Relax, no it doesn't. I have still come across a few people who did not get the message that the tax credit was extended and expanded to help repeat buyers as well as first time home buyers. The credit is now good through June 30, 2010, but only if you are under a binding contract by April 30, 2010. The income limits have been raised, so that it is easier to qualify for the credit. The credit also includes buyers that have owned a home for five consecutive years out of the last eight. The repeat buyer credit is good only up to $6,500, and only for the purchase of a primary residence under $800,000. You do not have to sell your existing residence however.
If you are at least 62, this may be a great time to use a reverse mortgage for the purchase of a home here in Orlando. It may also be a great time to move up and take advantage of the terrific lower prices and rock bottom interest rates. You can use the tax credit to absorb some of the costs of selling, and getting into that bigger home. Think about it while you enjoy Thanksgiving with your family, then give me a call or text me Monday at 407-924-7670.
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