It looks like Nebraska and Iowa are suffering from a heat wave! It sure is funny how we now appreciate 30 degree weather. Let's hope the snow stays away for a while. We have discovered some exciting news on the Home Buyer's Tax Credit we thought you'd like to know. Read below for the details:
Q: I'm already a homeowner. If I buy another home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?
A: No. If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)
This is a great opportunity for those homeowners that otherwise qualify for this credit but want to keep their current personal residence.
To get started on the right path to owning or selling a home (or both!), call The Jansen Team today! Or check out our video blog at www.GoJansenTeam.com.