Living in Portland

The full details are still being printed but the intent is clear. The First Time Homebuyer credit of $8000. will continue for homes purchased by April 30, 2010.  That give us just five months to take advantage of this great incentive. The only change is the increase in income limits for the buyers. Single buyers can now earn up to $125K and married couples can earn up to $225K. This should cover just about everyone.

The New Tax Credit for existing Home Owners is $6500. The trigger for this credit is that you must have lived in your primary residence for five consecutive years out of the last eight years.  Since President Obama signed the bill today November 7,2010 any existing homeowner that qualifies can now take the tax credit even though the law was not in effect when the purchase contract was signed. The details can be very confusing but I can offer a printed document that does a great job of answering the ‘what if’ questions.  Just give me a call (503-678-2020) or shoot me an email and ask for the 2010 Home Purchase Details.