Tax Credit For Home Buyers

With the nation’s unemployment rate busting through the 10% mark in October, President Obama signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners trading up.

Passed overwhelmingly by Congress, the bill would provide a $6,500 tax credit to homeowners who are buying a new primary residence beginning Dec. 1, 2009. The language mandates that to get the credit the homeowner must have owned their home for five consecutive years of the previous eight.

But there are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 and $250,000 for couples. There is also an anti-flipping provision: Any homeowner who collects the credit and sells within three years must return the money. The FTHB was extended to cover consumers signing a contract by April 30 and closing by June 30 2010.

Do not delay on this amazing opportunity. Click here to pre-apply for a Standard Bank Mortgage right now!

If you have other questions, feel free to call Standard Bank's Mortgage Department today toll-free at 866-499-BANK.  We'll explain all of the details, and get you on your way to that new home (or new payment) you've been dreaming of!