Tax Credit Extended and Expanded

Good news for those feet draggers that waited until the last minute to buy. The first time home buyer credit has been extended through June 30, 2010. Buyers will have to be under contract before April 30, 2010 and the loan must close by the end of June. First timers will still get the $8000 and the income limtis have been raised to $125000 for single persons and $225000. Income above those limits begins to be phased out as it increases until no tax credit is available.
In addition, the program has been expanded to move up buyers that have resided for 5 consecutive years over the last eight years in their same residence. This tax credit follows the same income guidelines but the tax credit is limited to a maximum of $6500. This program is exceptionally good for any senior planning to make a move. They can use a reverse mortgage to purchase their new residence instead of paying all cash or using a new forward mortgage and still bank the $6500 if they qualify. Call my office for details or visit our website at: http://www.cme4loans.com/8000.  Cobranded flyers are available.