Dallas Home Appraisals News and Information

As mentioned previously, the tax credit for new home buyers (anyone who has not owned a home during the past 3 years) will expire at midnight on November 30, 2009.  Some argue that the credit should be extended, perhaps even raised, as the housing market is still suffering.  Others believe that the market is close to bottoming out and that to extend the credit would cost billions more in tax revenue and is unnecessary.  For one look at both sides of the issue, click here.

If you are thinking about becoming a "first time" home buyer there are a couple of things to remember:

1)  The maximum credit is $8,000, but could be less if the home you purchase costs less than $80,000;

2)  You must purchase the home by midnight on November 30, 2009;

3)  If you are building a home you must move into it and use it as your primary residence by midnight on November 30, 2009;

4)  Because the home may have been purchased anytime between December 31, 2008 and December 1, 2009, you can claim the credit on either your 2008 or 2009 tax return (purchases that closed between April 8, 2008 and December 31, 2008 may be eligible for a $7,500 tax credit);

5)  You must live in the home as your primary residence for at least 36 months;

6)  To receive the credit, your adjusted gross income cannot be above $170,000 for joint filers and $95,000 for individuals.

For more information on the tax credit, visit the IRS site here.

Remember, your loan must close by November 30, 2009 and it is currently taking anywhere from 30-90 days to close most loans.  If you need assistance from a mortgage broker or realtor please contact us at Blue Star Appraisals Inc. for a referral to one of our trusted clients.