The Florida First-Time Home buyer Tax Credit may soon be known as the Home Buyer Tax Credit… being opened to non-first time buyers for the first time.
As you have likely already read on My FHA Mortgage Blog – the Florida First-Time Home Buyer tax credit is on the verge of extension. I noted there that there are a few exciting changes that benefit you – the home buyer! Here is an explanation as to their significance. Those noteworthy changes between the current tax credit and the proposed tax credit are:
- Change in the deadline. From November 30, 2009 to April 30, 2010. MORE IMPORTANTLY, however is what has to “happen” by the deadline date. As it is now, you ahve to close by Nov. 30th. The extension has wording that states you need to be under contract by April 30th. HUGE difference – especially if you are looking at an Orlando Short Sale, Orlando Foreclosure, or Orlando Bank owned property. The difference can not be overstated! It does not remain open-ended however… you have 60 days from 4-30-10 to close on that property.
- There is also a possibility that the tax credit would be opened up to non-first-time buyers. It looks like non-first time home buyers could be eligible to receive a $6500 credit for homeowners that have lived in their home for 5 years or more. This is big since many of the Orlando homes for sale are not suited for the first time home buyer market. This allows those that own to sell and move up – furthering the impact the housing market can have on the sputtering economy.
- Income limits are also possibly effected. Right now to receive the full benefit, the income limits are $75,000 and $150,000 for single/married income earners [respectively]. That may jump to $125,000/ $225,000. This furthers the number of folks that fit the parameters and can be the key to making this effort work!
Understand that as this gets enacted, it will get crazy busy for folks in the industry, so it is of vital importance to let those you care about know about this blog post so that they can get the groundwork done before it gets nuts!
It is important to note that – while it is not yet through he entire process, the momentum seems to be behind the extension of the Florida
First-Time Home Buyer Tax Credit until April 30, 2010 if it makes it to the President and is signed. Here is what needs to happen. [In case you missed it from my syndicated blog post on MyFHABlog.com.]
Contact me ASAP to review the best scenario for you and the people you care about.
Orlando Mortgage Pro
Direct: 407 – 377 – 0500 x 210
Chris is Florida’s #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the many leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and has been recently featured on Fox35 News.
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