First-time Home Buyer $8,000 Qualified Tax Credit - December 1st, 2009 Deadline

July 2, 2009

Kalamazoo, Michigan - July 1, 2009: The Greater Kalamazoo Association of REALTORS® (GKAR) announced today a reminder to all potential home buyers and home sellers that they are only five months away from the December 1, 2009 deadline to take advantage of the $8,000 qualified first-time home buyer tax credit. The credit, part of the housing stimulus provisions within the American Recovery and Reinvestment Act of 2009, is accounted for within the $787.2 billion stimulus package that was signed into law by President Obama earlier this year.

The new legislation, which represents great news for home buyers across the country, but in particular, the greater Kalamazoo area, removes the requirement that the $8,000 credit be paid back if the buyer stays in the home for at least three years. Homebuyers must have purchased a home after January 1, 2009, and before December 1, 2009, to be eligible for the $8,000 credit. As the underwriting process has become much more complex due to increased lending and mortgage transaction scrutiny, the process for closing on a home takes longer than ever and the time to take advantage of the tax credit is now.

"Pending home sales in June indicate that sales should be higher in our area than in recent months," said Catherine Gasper, a REALTOR® member of GKAR who is a Broker with Heritage Select REALTORS®, Inc. of Kalamazoo. "As interest rates continue to increase, now is the perfect climate to buy a home in the greater Kalamazoo area for anyone in the market for a new home."

To qualify for this year's first-time homebuyer credit, the homebuyer must not have owned a home in the previous three years and the home must be the primary residence. Unlike last year's credit, if the property remains as the homeowner's primary residence for at least three years, then the payback requirement is waived.

GKAR encourages anyone interested in the purchase of a home to contact a local greater Kalamazoo REALTOR® for more information on homebuying opportunities and the advantages available to both new and trade-up buyers. For more information on the many reasons to consider the purchase of a home in the greater Kalamazoo area, visit gkar.com or contact the GKAR office at 269.382.1597.

Contact:
Frank Mortl, III
Chief Executive Officer
Greater Kalamazoo Association of REALTORS®
5830 Venture Park Drive
Kalamazoo, MI 49009
269.382.1597 / frankm@gkar.com / gkar.com

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