Monday, March 8, 2010

Yes, the Tax Credit can be use for a New Home in New Jersey!

You still have the opportunity to take advantage of the $8,000 first-time home buyer or $6,500 repeat buyer tax credits, as long as you act quickly--the credits expire on April 30, 2010.  There are plenty of existing homes on the market, and even though the Mercer County move-in ready newly-constructed homes inventory has dwindled, I can recommend builders to you who may still be able finish a home in time but the closing date of June 30.

The National Association of Home Builders (NAHB) estimates that close to 70% of all potential buyers should qualify for some form of a credit.  They are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.  The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
So, the tax credits are good for new homes in New Jersey, new construction, new developments.  There is such a difference between a resale and a brand new home.  Consider using your tax credit on a new home in Mercer County or the surrounding areas.  Contact me for ideas on developments, builders, and visit Dogwood Meadows to see what a Hamilton new home community in process looks like.
Joe Giancarli, Sales Associate

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