Springfield, Illinois Homes and Real Estate with Stephen J. Klemm, Realtor - Buy, Sell, Relocation

The federal tax credit, which initially was for first-time buyers only, has been extended and expanded to a new group of buyers.  It passed both the Senate and the House and has been signed by President Obama.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.  First-time homebuyers (anyone who hasn't owned a home in the last three years) would still get a 10% tax credit up to $8000. To qualify, buyers would have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.  Both deadlines would have to be met to qualify.

The credit is available for the purchase of principal homes only (no vacation or secondary homes) costing $800,000 or less. The income limits have also been raised to $125,000 for individuals and $225,000 for joint filers (it was $75,000 and $150,000 previously)

Military personnel (those serving outside the U.S. for at least 90 days) would get an extra year to take advantage of the tax credit; it would not expire until June 30, 2011.

This is a great opportunity for those buyers who were not able to take advantage of the tax credit during 2009.  If you have any questions or would like more information, please contact me at (217) 341-5274 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Completely remodeled!  Move right into this 3BR, 2BA home with a ton of updates and great curb appeal. Updates include: remodeled kitchen with new cabinets, countertops, plumbing & flooring, remodeled baths with new fixtures, flooring & plumbing, beautiful refinished HW floors, new roof, new carpet, new light fixtures, fresh paint throughout, new Pella slider door, & a new garage door. Features formal dining, bonus room (office/playroom), 2.5 car det garage & lots of closet space. SOLD!

As you probably already know, there is a first-time home buyer tax credit out there for qualified home purchases in 2009.  This is not a tax deduction, but rather a pure tax credit - you are credited the $8,000 (or less depending on the price of the home) after you calculate the taxes owed or the tax refund to which you are entitled.

This tax credit:

• Is for 10% of the purchase price up to $8,000
• Only available to first time home buyers (those that have not owned a home in the last three years)
• Does not have to be repaid (must stay in home minimum of 3 years)
• Income limits of $75,000 for individual taxpayers, $150,000 for married taxpayers (partial credits are available)
• Expires Dec. 1, 2009 - meaning you must CLOSE on the home by November 30, 2009
• Allows tax credit home buyers to participate in the mortgage revenue bond program (in Illinois, this is referred to as the I-Loan program)

More information on the first-time home buyer tax credit can be found at www.federalhousingtaxcredit.com.  Please call me with any questions about this tax credit at 341-5274.

SOLD!!  This was a wonderful home well-cared for by the owners for over 51 years!  Features new carpet upstairs and in main level BR, new kitchen countertop and S/S sink, freshly painted walls, refinished woodwork, arched walkways, lg master suite w/ bonus room, 2.5 car det garage, updated furnace & A/C (replaced w/in last 10 yrs), alarm system, gas FP, and full bsmt perfect for storage or rec area. Just 3 blocks from Lincoln Park!