Scroll and select from other pages on this site! Select from the List Below! --> Realtor's Biography --> Featured Properties --> Are You Buying? --> Are You Selling? --> Market Pulse --> Frequently Asked Questions --> Back to the Home Page THIS GOVERNMENT PROGRAM EXPIRED ON APRIL 30, 2010 AND HAS NOT BEEN EXTENDED. YOU MAY HAVE MISSED THIS OPPORTUNITY BUT THIS IS STILL THE BEST TIME IN DECADES TO INVEST IN REAL ESTATE. THE SELECTION OF ATTRACTIVELY PRICED PROPERTIES HAS NEVER BEEN LARGER AND INTEREST RATES ARE STILL AT HISTORIC LOWS. THIS CURRENT SITUATION, FAVORABLE TO BUYERS, WILL NOT LAST. INTEREST RATES WILL BEGIN THIER RISE TO MORE HISTORICALLY NORMAL RATES LATER THIS YEAR AND THE BEST REAL ESTATE VALUES WILL ALSO DISAPPEAR BY THEN. NOW IS THE TIME TO BUY! EXPANDING CREDIT FOR FIRST-TIME HOME BUYERS Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10% of the purchase of a home (up to $75,000) by first-time home buyers. The provision applied to homes purchased after April 9, 2008 and before July 1, 2009. Taxpayers receiving this tax credit were required to repay any amount received under this provision back to the government over 15 years in equal installments ( or earlier if the home was sold). The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for joint returns). The new law enhances the credit by eliminating the repayment obligation for taxpayers who purchase homes on or after January 1, 2009. It also extends the credit through the end of June 2010 if a purchase agreement has been signed by April 30, 2010, and bumps up the maximum value of the credit from $7500 to $8000. CREDIT FOR EXISTING HOME OWNERS Existing home owners who have maintained the same principal residence for any 5 consecutive years during the prior 8 years, ending on the date of purchase of subsequent principal residence after November 6, 2009 may qualify for a credit of $6,500 ($3,250 for married filing separate), or 10% of purchase price. This applies to purchases with a signed agreement no later than April 30, 2010, and closing by June 30, 2010. The credit phases out for taxpayers with adjusted gross income in excess of $125,000 ($225,000 for joint returns). Source: Russell F. Hyppa, LTD Certified Public Accountant 1 East Vermilion Dr. Cook, MN 55723 PH: 218-666-5166 Dale Lundblad, Associate BrokerB.I.C. Realty Hwy. 53 and River St.P.O. Box 1165Cook, MN 55723 (218) 666-5352