It’s a great day to be a homebuyer! The 1st time buyer tax credit was set to expire in just a few weeks. But, Congress extended the credit until April 30, 2010. The new law also increases the income limits from $75,000 to $125,000 for single persons and from $150,000 to $225,000 for married couples.
Congress also expanded the credit to include current home owners. They will qualify for a tax credit of up to $6,500 if they purchase a home by April 30, 2010. “These homebuyers must have lived in their home for five consecutive years over the previous eight years to qualify. Qualified homebuyers can get the credit if they purchase a home for $800,000 or less as their primary residence between November 7, 2009 and April 30, 2010. The income limits are the same as the First Time Homebuyer listed above” according to the National Association of Realtors.
To learn more please see the following links: http://www.warealtor.org/media/tax_credit/FAQ-Tax-Credit-changes.pdf
