Some Vermont home buyers are worried that there isn’t enough time to get deals done before the deadline, but Realtors disagree. If you are diligent and able to make good decisions fast, agreements can be reached fairly quickly.

While the tax credit alone is not reason enough to buy, combine it with great interest rates, and you’ll see why homes in the Burlington Area are on the move. The motivated sellers behind these Vermont homes make the prospects even better:

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In November, the tax credit was extended to April 2010. To get the credit, the taxpayer has to enter a binding agreement to buy a residence by April 30th 2010, and close by June 30th.

From the IRS website:

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

If you have not heard, the government announced that it extended and expanded the tax credit for home purchases.  This means that First-time home buyers in Burlington and all across the country may yet be eligible to receive a credit of up to $8,000 and those moving who have owned for at least five out of the last eight years may qualify for up to $6,500.

What’s the catch?

• You must be under contract to purchase no later than April 30, 2010.
• You must close on that purchase no later than June 30, 2010.
• There are some income restrictions
• Purchase price on a home is capped at $800,000

Visit the national federal tax credit web site for more information. Or call me for the local response to the Federal Tax Credit at (802) 238-1704 for more info. I have yet to meet a person who didn’t like free money – take advantage and claim yours now!

Heather D. Myott
Mortgage Advisor
Coldwell Banker