Newly Extended and Expanded Federal Tax Credit Program Provides Great Opportunity to Buy Within the Villages of Irvine®
A newly expanded Federal tax credit program, extended for a limited time, combined with historically low interest rates and the upcoming debut of The 2010 New Home Collection, makes now a great time to buy a new home within the Villages of Irvine® for both first-time and move-up buyers.
The existing Federal tax credit program of up to $8,000 for first-time buyers has been extended beyond its current expiration date of December 1, 2009. In addition, the same program has been expanded beyond first-time homebuyers to include up to $6,500 in tax credits to existing homeowners who have owned their homes at least five years.
In order to qualify for the Federal tax credits, buyers must sign home purchase agreements by April 30, 2010, and take possession of the homes by June 30, 2010. Additionally, the income eligibility limits to claim the full credit amounts for both groups of homebuyers have been raised to $125,000 for individuals and $225,000 for married couples.
Plus, interest rates remain at low levels and federal housing agencies have raised the ceiling on conforming loans to $729,750.
All of this and more could now help bring home ownership within the financial reach of more people longing to live within the Villages of Irvine, where a variety of brand new homes in the villages of Portola Springs, Woodbury and Woodbury East are now being offered for sale!
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When?
- The Federal tax credit program is available to qualifying homebuyers who sign a purchase agreement by April 30, 2010, and take possession of the homes by June 30, 2010.
- For more information regarding the Federal tax credit, please go to www.federalhousingtaxcredit.com.
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