Sioux Falls Real Estate Blog

We continue to get questions every day since the passage of the new and expanded tax credits for homebuyers. Lots of you have apparently heard bits and pieces about the income limits being increased. Great news! It really is true. According to a recent NAR Issue Brief, published by The Government Affairs Division in Washington DC -- new Income Limits are as follows:

$125,000 per year for a single person   //   $225,000 for married

(This represents quite a substantial change, since previous income limits were $75,000-single and $150,000 married)

As a reminder: The tax credits ($8,000 for first time buyers, $6,500 for current homeowners) do come with a deadline! A purchase contract must be in effect by April 30, 2010... and the closing must take place before July 1, 2010.

Pam Kneip // HJN Team Real Estate // Sioux Falls, SD // 605.728.9299