Current Escondido Homeowners

Find out how to get up to double on the $6,500 tax credit for existing Escondido homeowners.  That’s right, existing Escondido homeowners can get tax credit also.  Current Escondido homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the Escondido home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500 credit. Most people know about the original $8,000 tax credit  for first-time homebuyers, but few know about the $6,500 credit for existing Escondido homeowners.   This incentive was added when the original $8,000 first-time home buyer tax credit, which expired Nov. 30, was
extended.

Escondiodo homes purchased for $800,000 or less are eligible for you as a repeat Escondido home buyer. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. The credit decreases for Escondido homebuyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for Escondido homebuyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Escondido homebuyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.

To find out how to get up to double your existing Escondido homeowners$6,500 tax credit, contact Gary Harmon, your Prudential California Realty Escondido Realtor.