Housing Stimulus Tax Credit Extended

The housing stimulus tax credit of up to $8,000 for first-time home buyers and up to $6,500 for repeat buyers has been extended until April 30, 2010.

The up to $8,000 credit is for first-time home buyers with income limits of $125,000 for single buyers or $225,000 for married couples filing joint returns. A first-time buyer is considered someone who has not owned a residence three years prior to the home sale.

The up to $6,500 rebate is for move-up or repeat buyers. A move-up or repeat buyer is a person who has resided in their current home for five consecutive years out of an eight year period.

Both rebates are calculated based on the purchase price of the home. Only homes up to $800,000 qualify. Home buyers will receive 10 percent of the home’s purchase price as the credit.

Homes in the master-planned community of Quail Run or golf-course community of Riverside Estates, are a perfect way to utilize this tax credit. Homes in Quail Run begin in the $200’s. Riverside Estates homes are priced from the mid-$300’s.

Quail Run has 236 almost half-acre lots to choose from. The community will contain an amenity park with pool, pavilion, sports field and tennis courts. Homes range from 1,800 to 4,000 square feet and include luxurious details such as granite counters, spacious porches, carriage style garage doors and Whirlpool appliances.

Riverside Estates is adjacent to Riverside Country Club. Of the community’s 141 half-acre lots, 101 are on the golf course. Riverside Estates offers 18 home plans to choose from. Buyers are also able to bring their own plans that have to be reviewed by an architectural board.

Residents of  Riverside Estates currently receive a one-year membership  to the Riverside Country Club and Golf Course upon paying HOA fees.