Home Buyer Tax Credit - Santa Barbara Real Estate

Pursuing the First Time Home Buyer Tax Credit and Tax Credit Extension to More Home Buyers:

The First Time Home Buyer Tax Credit has been extended and expanded through April 30, 2010. View the details and the recent updates to the extension and expansion of the Home Buyer Tax Credit below.

To contact Daniel Zia, please call (805) 637-7148 or email Daniel@ZiaGroup. Follow all the latest real estate news on the Santa Barbara Real Estate Blog or Follow Daniel Zia on Twitter. The Zia Group Team looks forward to serving you and your Santa Barbara Real Estate needs.

UPDATES

Nov. 8 - Follow this link for the Federal Housing Tax Credit page with detailed information on both the $8,000 First Time Home Buyer Tax Credit and the $6,500 Tax Credit for Repeat Home Buyers.

Nov. 6 - BREAKING NEWS!

Tax Credit Extension & Expansion is Approved!

President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here's what it means:

The $8,000 First-Time Homebuyer Tax Credit is Extended!

·         Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.

·         The home purchased must be their primary residence

·         Buyer cannot have owned a home during the past three years

·         Tax credit is up to 10% of the home value (not to exceed $8,000)

·         The maximum purchase price allowed for this program is $800,000. With the recent price adjustments in the Santa Barbara real estate market, this maximum allowable price will fit the scope of many home buyers.

·         Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.        

PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence

·         Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.

·         The new home does not have to cost more than the old home.

·         Eligible for homes with purchase agreements signed between November 6, 2009 and April 30, 2010, and close by June 30, 2010

·         Annual income caps to qualify for the full tax credit  ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.

·         The maximum purchase price allowed for this program is $800,000. With the recent price adjustments in the Santa Barbara real estate market, this maximum allowable price will fit the scope of many home buyers.

(Special thanks to Prudential for the above content)

Nov. 5 - Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. It is awaiting the President's signature which is expected to be tomorrow. (Special thanks to Krista Pleiser at the SB Association of REALTORS).

Nov. 3 -  (Courtesy of United Press International) - The U.S. House Tuesday approved legislation that would extend unemployment benefits and expand an $8,000 tax credit for first-time home buyers. The Senate could vote on its version of the measure as early as Wednesday night and the House could take it up for final approval this week, The New York Times reported Tuesday.

Nov. 2 - The extension of a First Time Home Buyer Tax Credit has been approved by the U.S. Senate by a 85-2 vote. The extension, if approved by the House, would extend the $8,000 home buyer credit through April 30, 2010. The current home buyer tax credit is due to expire November 30, 2009.

The extension aims to include more people qualify for the credit to include certain persons who already own homes and those with higher incomes. If you have lived in your residence for at least five years, you could receive a credit of $6,500. The income levels were previously capped at $75,000 for individuals and $150,000 for couples. The extension proposes increasing the income cap to $125,000 for individuals and $225,000 for couples. The maximum purchase price allowed for this program is $800,000. With the recent price adjustments in the Santa Barbara real estate market, this maximum allowable price will fit the scope of many home buyers.

First Time Home Buyers are still eligible under the original program for about four weeks (Nov. 30) and other Santa Barbara Home Buyers might soon become eligible for the tax credit in its new, amended form. If you are a first time home buyer in Santa Barbara, browse our ZiaGroup website. We provide a free, customized Santa Barbara MLS search tool to our clients and can guide you through all of your Santa Barbara real estate needs with excellent service and comprehensive market knowledge. Contact us, visit our blog, or check back frequently for new developments with the Home Buyer Tax Credit extension.

Your Santa Barbara Home Buyer Tax Credit Expert

As discussed above, the tax credit opportunity has been expanded for first time home buyers and extended to more home buyers. Contact Daniel Zia, your Santa Barbara Realtor, to help you navigate the current legislation and to walk you through each step of the buying process.

Allow Daniel Zia, voted as the #1 Realtor in the Santa Barbara Independent's "BEST of 2009 Readers' Poll" to assist you in your home purchase with his extensive knowledge of the current Santa Barbara real estate market and Home Buyer Tax Credit program.

Resources with the Home Buyer Tax Credit Process in Santa Barbara