Did you miss out on the 2009 tax credit? 

Never fear!  Congress has passed the bill to extend the first time homebuyer credit until the end of April, 2010.  All we need to do is get a purchase agreement in on a great Rapid City or Black Hills home before then, close before the end of June, and you can file for the $8,000 on your tax return.

The criteria remains mostly the same.  Except they increased the income limits to qualify to $125,000 a year for singles and $225,000 for married couples.  And sorry, but you can't buy a home more than $800,000 and still qualify. 

And for those of you looking to move into a bigger, better and finer home, (or smaller and more efficient, I guess) you could qualify for a credit up to $6,500.  To qualify, you need to

1. Live in a home 5 consecutive years of the past 8 years.  If you have lived in a home from 2002 to 2008, but have been renting ever since, you qualify.
2. Income limit are the same as the first time homebuyer credit - $125,000 single; $225,000 married
3. Home price caps out at $800,000
4. You must put a contract to purchase on a home before April 30, 2010 and close before July 1, 2010.

In both situations, the tax credit does NOT need to be repaid.  Take it and run!

More details are coming...I have a few questions that I am waiting on an answer for.  I will update when I know more.

For more information, take a look at realtor.org's website:  http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Good stuff!

Don't hesitate to call me with questions on whether or not you qualify.

Thinking about selling?  With more incentives on the table, now would be a great time to list and get your home out there!  Let me know if I can help!!

Enjoying the ride,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com