Monday, November 9, 2009

Update To The Homebuyer Tax Credit

Great News! Congress has extended and expanded the homebuyer tax credit. The tax credit for first time buyers has been extended until April 30, 2010 and remains $8000 (buyers may not have had an interest in a principal residence for 3 years prior to purchase). An additional modification is that current homeowners are eligible for a $6500 tax credit on homes purchased before April 31, 2010. Current homeowners must have used the home being sold as a principal residence consecutively for 5 of the previous 8 years. In addition, as long as a written, binding contract to purchase a home is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Purchases must be less than $800,000. Income limits for current homeowners are $125,000 for single and $225,000 for married. This is a great time to move up or to down size your existing house! Talk to a Realtor today to find out more information about this tax credit.

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