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.