News & Announcements

New Tax Credits Heating up the Housing Market

If you’re thinking of moving, you might not want to wait! The popular first-time home buyer tax credit has been extended, and a new credit has been added for repeat buyers, adding extra savings for the beginning months of 2010.

Here are the highlights of the new credits:

• First-time buyers or buyers who have not owned a home in the past 3 years may qualify for a credit of 10% of the sale price, up to $8,000. 
• Buyers who have lived in a home for 5 consecutive years out of the last 8 may qualify for a 10% credit, up to $6,500.
• You are required to close on the new house--or be locked into a contract to close--before May 1, 2010. Closing must occur before July 1, 2010
• There are limitations on the buyer’s income level, and also on the price of the house.
• The Extended Home Buyer Tax Credit can be applied to primary residences, including single-family houses, condominiums, townhomes, and co-ops.
• For complete details visit www.federalhousingtaxcredit.com.

If you don’t qualify for these tax credits, it’s still a great time to buy. Our Mortgage Rates are as low as 4.125%* plus when you are a relationship account member you will receive a $300 closing cost rebate**. Visit our online Mortgage Center and apply today or contact a  Relationship Team member at 860-282-0001.