Home Buyers Tax Credits Expire – Home Loan Demand Dives
home mortgage contract
The Mortgage Bankers Association reported today that mortgage purchase applications sank 27.1 percent to the lowest level since May 1997. Requests for home purchase loans have fallen almost 20 percent over the past month despite low borrowing costs.
Move Up Home Buyers Tax Credit
Bob Schwartz San Diego Realtor
The New $6,500 federal tax credit for so-called “move up” home buyers is available now.
This means that if you fit the key criteria – you’ve owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn’t exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly – you can claim the credit as soon as you close on a qualifying house.
There is no “move up” requirement in the new credit. In fact, homeowners who plan to down size into a smaller dwelling may prove to be significant users of the credit. Read more 