A FREE Home Buying Seminar

Find out everything you need to know before buying a home — from loan pre-approval to closing.
*PLUS get information about the First Time Home Buyer Tax Credit — up to $8000 in your pocket!
Wednesday, February 3, 6-8 p.m.
ECHO Lake Aquarium & Science Center
5:30 Check-in, light dinner provided
RSVP required
special guests include:
Andrew D. Mikell, Esq., State Manager, Vermont Attorneys Title Corporation
Chris Von Trapp, Realtor, Coldwell Banker Hickok & Boardman
Kelly Deforge, Loan Officer, Universal Mortgage

To RSVP click here

A Great Deal in Real Estate is Now Better

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

• First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
• Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
• There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
• Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

The following chart provides more information:

Feature	For First-Time Homebuyers	For Current Qualifying Homeowners
Amount of Credit	$8,000 ($4,000) married filing separate)	$6,500 ($3,250 married filing separate)
Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	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 April 30, 2010	Purchases after April 30, 2010
Binding Contract Rule	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close
Income Limits	$125,000 - Single $225,000 - Married Additional $20,000 Phase Out	$125,000 - Single $225,000 - Married Additional $20,000 Phase Out
Limitation on Cost of Home Purchased	$800,000	$800,000
Purchase Made by a Dependent	Ineligible	Ineligible
Additional Requirements	Purchaser must attach documentation of purchase to tax return	Purchaser must attach documentation of purchase to tax return

Courtsey of Coldwell Banker.com