Tax Credit for Birmingham AL Home Buyers Extended
November 12th, 2009Categories: Birmingham Alabama, Mortgage
Birmingham, Alabama- First-Time Homebuyers as well as current Homeowners received some great news last Friday when President Obama signed into law the Worker, HomeOwnership, and Business Assistance Act 0f 2009. For individuals or families looking to buy or sell Birmingham AL homes this news cannot help but to excite you about the real estate market. The amazing thing about the tax credit is that for someone already looking to purchase a home between now and June, 30, 2010, is that they can take advantage of this great incentive from the federal government to stimulate the housing market and it reduces the overall out of pocket expense once you file your taxes and receive your refund. One thing that you need to understand clearly is that this money cannot be used for down payments or closing costs towards a Birmingham mortgage but 
is actually going to be a credit that you will get credit for when you file your taxes and will get back as a refund or a reduction on taxes owed if you owe taxes.
Read also: Hoover AL Homes and Community Guide
The LivingInBirmingham.com Team believes the extension of the tax credit will be a great encouraging factor for people on the fence about buying Birmingham AL homes to go ahead and take the plunge into home ownership. We do not however think people should look at it as the dangling carrot they have to get if they are not looking to buy a home. A couple of changes to the new bill is allowing individuals to make up to $125,000 which is higher than the previous $75,000 and married couples can now make $225,000 up from $150,000. Also, current homeowners may be eligible for up to a $6500 credit when they purchase their next primary residence. The only additional stipulation is that they must have lived in their current home for five consecutive years over the previous eight years. The previous tax credit was only for first time home buyers so this one includes those who already own a home too.
To read a complete article about the extension of the tax credit CLICK HERE.
If you are interested in looking at Birmingham AL Homes you can visit www.LIvinginBirmingham.com or for Birmingham mortgage information call Jason at 205-383-3358.
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