The Federal Government has extended and expanded the Home Buyer Tax Credit.  Below are three key things you NEED to know to get the most out of this amazing financial incentive.

“Am I eligible for the new tax credits?”

• Eligibility:
• $8,000 credit: You cannot have owned a primary residence for any of the last 3 years.  You don’t necessarily have to be a “first-time” buyer.
• $6,500 credit: You must have owned and lived in your primary residence for five of the last eight years.  You don’t necessarily have to be a “move-up” buyer, the credit applies whether you are downsizing, moving laterally, or moving up.
• Income: You can claim the full amount of either credit if your income is below $125,000 for individuals and $225,000 for couples
• Claiming the credit:
• Can be applied to either 2009 or 2010 taxes, your choice
• The credit does not have to be repaid if you live in your new home for at least 3 years
• If your tax burden falls below the credit amount, the government will write you a check for the balance
• Deadline:
• Buy before April 30, 2010 and close by June 30, 2010.
• The federal government assures us this will NOT be extended again.

“What if I am not eligible for either tax credit?”

The next section will show you how you can still benefit from this tax credit, even if you don’t collect any money from the government.

For more specific qualification details, see www.federalhousingtaxcredit.com

“There is a limited number of new homes that this credit applies to”

• If you started building a new home from scratch today, it would not be ready in time to collect the credit.
• That means that to buy new, you have to choose from new construction homes that are already started (in many cases, already completed), and once those homes are sold, you will not have the chance to buy “new” with this tax credit!
• We have started building homes at each of our communities to meet this rush of demand.  You can see that list here: http://www.hovhomes.com/quick
• If you have a home to sell, see: “How we can help you get the MOST out of the tax credit”

 “The tax credit helps you SELL your home, too.”

• By expanding and extending the tax credit to include repeat homebuyers, the government has thrust millions more families into the real estate market.
• That means there will be more people out looking to buy before April 30th, which has 2 consequences:
  • Increases demand today for the house you are trying to sell
  • Makes your house $6,500-$8,000 more affordable to your buyer without you dropping the price

“What if I have to sell before I can buy?”

J.S. Hovnanian & Sons’ Gold Key Plan™ is proven to help you market and sell your home quickly and easily so you can buy your new home with confidence.  With the Gold Key Plan™ you will get:

• FREE appraisal of your current house
• FREE staging consultation
• Appraisal “difference match” guarantee**
• Promotional value-added guarantee through closing

Get in the Gold Key Plan™ today so you we can help you sell your home quickly, and you can be ready to sign a non-contingent contract by April 30th.

“What if my new home isn’t ready on time?”

J.S. Hovnanian & Sons is offering an exclusive Tax Credit Guarantee:

• If you sign a non-contingent contract at one of our communities by April 30th, we will guarantee that the home will be ready for you to take ownership by June 30th, 2010.
• If the home is not ready in time for you to claim your tax credit, we will reduce the price of the home by the amount you would have claimed with the tax credit.***

For more information on our Gold Key Plan™ or Tax Credit Guarantee, please contact your Sales Manager.

*Actual date will depend on type and location of home built as well as stage of construction and any other factors influencing completion date. See Sales Manager at your community for exact date.
**Not applicable at all communities, see Sales Manager for details.
***Only applies if you qualify for the Federal Housing Tax Credit. See Sales Manager for Tax Credit Guarantee details.