Home Buyer Tax Credit Extension
The $8,000 homebuyer tax credit will be extended through April 30, 2010, and buyers will now have until the end of June 2010 to close.
“First time” buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the original deadline of November 30. The new legislation increases the income limit for couples with income up to $225,000, nearly a $55,000 increase above the previous level.
For the first time, the new legislation makes buyers who already own a home eligible for the credit. A $6500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.
The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.
For more information on buying a home and for help in finding your first or your next home, please visit my website at www.MarileePoon.com or contact me directly via e-mail at Marilee@MarileePoon.com. Thank you! Marilee