Home Buying in 33012>Question Details

Marlonb, Home Buyer in 33012

Is there any programs that second time home buyers could be eleigible for, like the $8000 for first time home buyers?

Asked by Marlonb, 33012 Tue Jan 26, 2010

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Yes, if you mean that you want to sell your home and buy a new one. The credit is $6,500, but hurry it will expire before you know it.

No, if you mean a credit to buy a second home. Uncle Sam can't afford that. (Probably can't afford the first one but that's another story.)
1 vote Thank Flag Link Tue Jan 26, 2010
Speak to your tax consultant--credit is expanded to grant up to $6,500 to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010; must be the next primary residence and current owners must have lived in the house for 5 consecutive years during the past 8 years. You will need an executed contract before May 1, 2010 and must close the deal before the end of June 2010. Income limits are the same as first time buyers. Credit can only be claimed for a primary residence bought for less than $800,000 and buyer must live in the house for 3 or more years after purchase or credit will need to be paid back—check IRS Code for qualifying conditions. Again speak to your tax consultant.
1 vote Thank Flag Link Tue Jan 26, 2010
Yes there is direct link I hope would answer majority of your questions:

You need have an executed contract by 4.30 and close by 6.30 I would not recommend to wait

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1 vote Thank Flag Link Tue Jan 26, 2010
Hi Marlon -

See my blog: http://www.trulia.com/blog/john_sacktig

You need to have owend your home for a periond of time.. Read on.. see if you fit into the guidelines!
0 votes Thank Flag Link Tue Jan 26, 2010
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