Tag Archives: federal tax credits

Uncle Sam Can Help You Buy Your Waterfront Home

The clock is ticking down on the federal government’s home buyer tax credit: $8,000 for first-time buyers and $6,500 for eligible existing home owners. To take advantage of this “gift” from Uncle Sam, you must sign your sales contract by April 30 and close on your home by June 30.

Newport Cove, the award-winning waterfront community on the Chain O’ Lakes, has four homes available for immediate occupancy: three of its maintenance-free Cottage models (the Highmeadow, the Moonriver and, pictured at left, the Stillwater) and the 6,200-square-foot waterfront Boardwalk custom home. Prices for the upgraded Cottage homes start in the high $300,000s. The Boardwalk is $1.1 million. The homes – and our sales center - are open noon to 5 p.m. Friday, Saturday and Sunday.

The government defines a first-time buyer as someone who has not owned a home for three years. Existing home owners can claim the $6,500 credit if they have been residing in their principal residence for five consecutive years out of the last eight.

To claim the full credit amounts, the buyer’s annual income must be under $125,000 for individuals and $225,000 for married couples.
All residents of Newport Cove have access to the property’s private marina and manicured 1,800 feet of Bluff Lake waterfront.
Interested in learning more about this buyer incentive program and Newport Cove?  Call 847.726.2727.

Great Time To Buy??

Now is an excellent time to buy a new home – perhaps the best in  years. Why? Three reasons: 1) Because of the economic downturn, homes are competitively priced. 2) Interest rates are at 40-year lows and NOT expected to remain at these levels. 3) Uncle Sam is offering excellent tax credits (until the end of April).
First-time homebuyers contracting to buy a new home by April 30, 2010, and closing on that home by June 30, 2010, can receive an $8,000 tax credit. (A first-time buyer is someone who has not owned a home for three years.)
Existing homeowners contracting to buy a new principal residence by April 30, 2010, and closing before June 30, 2010, may be eligible for a $6,500 tax credit. Existing home owners can claim this credit if they have been residing in their principal residence for five consecutive years out of the last eight.
The income eligibility limits to claim the full credit amounts are $125,000 for individuals and $225,000 for married couples.
Newport Cove has three homes available for immediate occupancy. For further information, call us at 847.726.2727.