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Yes, the move up buyer tax credit amount is $6,500. However they need to "CLOSE" by April 30th.
If they want the benefit, they should consider finding something now if possible.
If your buyers need any assistance, please feel free to reach out to me. Continental is a direct lender and our headquarters is in my office in Melville Long Island so we have all local processing & underwriting which can give priorty to loans that are able to close in the 30 day time line. So if the buyers qualify for their home need to get their credit they need to close before April 30th as well.
Please feel free to reach out to me and discuss these and other important financing topics. I am licensed in NJ and originally started my career there 15 years ago.
I hope to meet you by phone soon!
All The Best
Elaine D. Stroman
Not saying I like it or agree. But can see the theory.
What I'm not aware of is the rationale for the program. I understand the logic for first-time home buyers--a reasonably large ($8,000 tax credit) incentive for people who haven't owned a principle residence in the past 3 years. Such purchases presumably would help dry up some of the excess housing inventory.
What I don't understand is the $6,500 credit for people who've owned their primary residences and occupied them for at least 5 out of the past 8 years. They already have a primary residence, so buying a new one is far less likely to absorb excess inventory--though it's not required, many will choose to sell their current homes to buy that new one. Meanwhile, I'm sure anyone likes a tax credit. But $8,000 for a first-time (or first time in 3+ years) is likely to be far more persuasive than a $6,500 credit for someone who already owns.
Seems to me the $6,500 credit is a solution in search of a problem.
I personally am waiting and hoping for the programs to end and not be renewed. Until that happens I will not feel safe buying a house. Propping anything up with artificial means makes me nervous to buy that product. Be it a car, bank account, or house.