Are you a MN first time home buyer wishing you took advantage of 2009’s $8,000 First-Time Homebuyer Credit? Don’t feel bad, you’re not alone!

Have you heard the good news?

The First-Time Homebuyer Credit was extended! The credit remains at $8,000 for a first-time homebuyer.

The new law went into effect November 2009 and extends the deadline for qualifying home purchases until April 30, 2010.  If a buyer enters into a purchase agreement by April 30, 2010, the buyer has until June 30, 2010, to close on the property.  Buyers have the option of claiming the credit on either their 2009 or 2010 tax returns.

That’s not the only bit of good news!

Income limits have gone up too!  The full credit will be available to buyers with adjusted gross incomes up to $125,000 or $225,000 (joint filers).  First-time homebuyers with adjusted gross incomes between $125,000 and $145,000, or $225,000 and $245,000 (joint filers) are eligible for a reduced credit.  However, buyers with higher incomes do not qualify.

First-time homebuyers aren’t the only ones being rewarded in 2010!

The new credit also provides a “long-time resident” credit of up to $6,500 to homebuyers who do not qualify as “first-time buyers.”  To be eligible, a buyer must have owned and used the same home as a principal / primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.

You should know, however, that with the new tax credit comes three new requirements.  First, your dependents are not eligible to claim the credit.  Second, no credit is available if the purchase price of a home is more than $800,000.  Lastly, a buyer must be at least 18 years of age on the date of purchase.

If you’re a first time homebuyer and want to take advantage of the tax credit, you likely have a number of questions.  The Minnesota Real Estate Team offers free classes for  first time home buyers in Minnesota to prepare you for the next step in your adult life.

To answer any of your real estate questions, call The Minnesota Real Estate Team at 952-223-1150.  Or if you’re in listening in the Minnesota area, tune into The Minnesota Real Estate Show on Saturday’s from 11AM to NOON on KTLK, 100.3 FM.

With this amazing $8000 first time home buyer tax credit being currently offered, our team here in Minnesota is finding first time home buyers to really be in the “driver seat.” Though the supply of homes for sale on the MLS is not huge, there are still a number of outstanding properties for sale throughout the Twin Cities and Minnesota as a whole. Not only bank owned properties, but some short sales as well as regular “retail” listings.

If you are a prospective first time home buyer, realize that there are so many outstanding programs available to help you get the property financed. Not only on the federal level, but the state, county, and often times city level as well.

Every month, our team puts on a monthly first time home buyer seminar here in the Minneapolis area. We discuss many different items: down payment assistance for first time buyers, grants available, the $8000 tax credit, and really any and all details regarding the first time home buyer programs available for buyers here in Minnesota.

Stop on out to our next free class on August 13th, 6:30-8 PM. We provide the information to all attendees in a low pressure yet informative setting.

The Minnesota Real Estate Team of REMAX Advantage Plus takes great pride in providing our first time home buyer clients as much information as we can. We have been the #1 RE/MAX Team in Minnesota from 2006 through 2009. Our team is here to help you however we can.

For more info on this event, email Request@MnRealEstateTeam.com or call 952-223-1150.

It’s that time again! The Minnesota Real Estate Team is very excited to share with any and all first time buyers information regarding our free upcoming seminar here in August.

On August 13th, 6:30-8 PM, The Minnesota Home Loan Partners and Steve Howe on our team will be going over anything and everything buyers need to know about buying their first home in MN.

We have this free class each and every month at 436 Gateway Blvd, Burnsville, MN.

As a first time home buyer, it is of course crucial to realize that the $8000 tax credit will expire as of November 30th. This does not need you need to rush to make a decision of course. But if you do have any plans whatsoever on purchasing your first home this year, stop on out to our free monthly seminar.

We will be covering the various financing programs in regards to down payment assistance, all sorts of first time home buyer tips, as well as a question and answer session where you can ask and all questions that you may have.

Questions on your credit score, how that is determined and how that can influence your interest rate? We will cover this. Questions on how to write an offer, find a top real estate agent, what you need to do to qualify for a loan? We will cover all of these items as well!

For more info on this seminar or to sign up, email Request@MnRealEstateTeam.com or call 952-223-1150. We are here to help!

Now is certainly an outstanding buying opportunity for any and all first time home buyers here in Minnesota! The government is giving each buyer an $8000 tax credit that does not need to be repaid!

In addition, there are a number of great down payment assistance programs available to first time buyers.  Through many different state, local, county, and city programs buyers can receive down payment assistance. Our team works with The Minnesota Home Loan Parters who specialize in first time home buying financing options.

We also offer a free Minnesota First Time Home Buyer Class each month. At 436 Gateway Blvd in Burnsville, our team covers many of the various questions that first time buyers have:

1. What types of financing options and programs are availabe for first time buyers?

2. How does the $8000 tax credit really work?

3. When do I need to puchase a home in order to receive the $8000 tax credit?

We go over these questions and of course much, much more.

With interest rates historically low, and many foreclosure and short sale properties “on sale” here in Minneapolis and the Minnesota Real Estate Market as a whole, first time home buyers are seeing an outstanding buying opportunity.

If you have interest in learning more about this first time buyer seminar, please give us a call today at 952-223-1150 or send us an email at Request@MnRealEstateTeam.com

The Minnesota Real Estate Team has been the #1 REMAX team from 2006 through today. We take great pride in helping first time buyers at THEIR pace. We look forward to helping you.