Here are two important pieces of information that recently came out of Washington. The first involves a special extension of the home buyer tax credit to certain qualified members of the military, Foreign Service and intelligence community, and the second is about doing renovations where lead paint is present.
1. Homebuyer tax credit extended for qualified service personnel.
Many of you are aware that to help the housing market recover, the government has been offering a home buyer tax credit. That offer has essentially ended, because qualified purchases needed a signed contract by April 30th with a closing by June 30th.
But for certain members of the military, the Foreign Service and the intelligence community, the home buyer tax credit has been extended a full year -- to April 30, 2011, for a signed contract and June 30, 2011, for the closing.
To qualify, government service personnel need to have been on official extended duty and meet specific provisions. If you know someone who may qualify for this valuable benefit, please have them contact us right away to see if they meet the explicit requirements.
2. EPA issues new lead paint regulations.
These affect homeowners, buyers and sellers of single and multi-family housing built before 1978. If you or your contractor hires someone to do renovation, repair and painting activities that disturbs lead-based paint, they must be a certified renovator working for a certified renovator firm using lead-safe work practices.
In addition, when a home built before 1978 is sold, the real estate disclosure must include any tests for the presence of lead paint and any dust-wipe testing that's done after lead paint has been disturbed.
The EPA offers a one-page summary of the final rule, which you can download at http://www.epa.gov/lead/pubs/renovation.htm
REMN
More than a mortgage.
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