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 Denise is a Real Estate Broker with Village Real Estate Service. She is an active member of the Greater Nashville Association of Realtors, serving on its legislative committee and serving as a member of its Board of Directors. She was also appointed by the President of the Tennessee Association of Realtors to work as a member of the convention committee.
Denise can be reached at 615-491-0503. If you have a real estate question or a topic that you would liked covered, please e-mail Denise at
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Homebuyer Tax Credit Program |
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Thinking about buying a home in 2010? Uncle Sam would like to help you do it. Here's a great summary of the Homebuyer Tax Credit programs (the old one versus the current one approved in November 2009). Some of the positive changes in the new program include higher income limits, the inclusion of current homeowners as well as first time buyers, and an extension of the program period through April 2010.
As with any government program, there's plenty of fine print. Please call us to ask any questions about how this program could help you with your goal to buy a home in 2010!
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Summary of Homebuyer Tax Credit Programs
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| Feature |
OLD PROGRAM
(rules enacted Feb 09) |
NEW PROGRAM
(rules enacted Nov09) |
First-time Buyer -
Amount of Credit |
$8000
($4000 if married, filing separately) |
$8000
($4000 if married, filing separately) |
First-time Buyer -
Definition of Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Same |
Current Homeowner -
Amount of Credit |
No Provision |
$6500
($3250 if married, filing separately) |
Current Homeowner -
Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
| Termination of Credit |
Purchases after November 30, 2009 |
Purchases after April 30, 2010 |
| Binding Contract Rule |
None |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. |
| Income Limits |
$75,000 - single
$150,000 - married
Additional $20,000 phase out |
$125,000 - single
$225,000 - married
Additional $20,000 phase out |
| Limitation on Cost of Purchased Home |
None |
$800,000 |
| Purchase by Dependent |
No provision |
Ineligible |
| Anti-fraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
Source: The National Association of Realtors® Issue Brief - Government Affairs Division
Have a GREAT week & I look forward to connecting with you in the New Year! |
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Senate Pass $300 Billion Housing Rescue Bill |
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On Saturday, July 26, 2008 the Senate passed a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac.
After the law kicks in on Oct. 1, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).
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Read more...
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