Congress extends and expands homebuyer tax credit; President expected to sign Friday

REALTORS® and homebuyers have much to celebrate thanks to Congress passing an expanded and extended homebuyer tax credit bill expected to be signed by the President on Friday. When the President signs the bill, the expiration date for the credit will move to April 30, 2010.

First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same - $8,000 for married couples, $4,000 for those filing separately.

Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately. The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns. The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

This is a major victory for consumers, REALTORS® and the housing market. Thank you all for your hard work during the past several months responding to REALTOR® calls for action.

Get more information here.
Compare the differences using this chart.

• Download IRS Homebuyer Tax Form - 5405


• Find a Mississippi REALTOR®


• Real Estate 411 home page


• First-Time Homebuyer Tax Credit: Get the Facts (black and white or high resolution)


• Info at the Internal Revenue Service


• Info at NAR

>>Mississippi Home Corporation
>>Veteran’s Home Purchase Board
>>U.S. Department of Housing and Urban Development
>>Making Home Affordable
>>Internal Revenue Service
>>USDA Rural Housing, MS
>>Fannie Mae
>>Freddie Mac

If a picture is worth a thousand words, then a video could be worth a thousand bucks!

In an effort to help REALTORS® get the word out that now IS a great time to buy, MAR is hosting a Buy NOW Mississippi Video Contest. The contest begins on August 17 and ends on November 1. Winners will be announced at Convention at the beginning of December.

Entering is simple!

>> Make a short video that creatively addresses either (a) why buyers and sellers should use a REALTOR® or (b) why now is a good time to buy in Mississippi.

>> The video cannot be longer than three minutes and must contain the words “Buy NOW Mississippi” in text or audio.

>> Participants must be Mississippi REALTORS®.

>> The grand prize is $1,000! Second prize is $500 and third prize is a Flip Mino™ video camera (a $180 value).

For contest details and instructions, visit the BNM Video Contest blog: http://buynowmscontest.blogspot.com/

Help us get the word out that whether someone is looking for a spot in the woods, a place near the beach, or urban digs in the capital, NOW is the time to buy!

If you need help or have questions please contact Chris Adcock by
e-mail or 601.932.5241.