REAL ESTATE NEWS
Home Buyer Tax Credit Has Been Extended and Expanded…
From now until April 30, 2010, first-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500.
At a Glance:
FIRST TIME BUYERS
Credit: Equal to 10 percent of the home's purchase price, up to $8,000
Who Qualifies?
•Those who haven't owned property in the last three years
•Those with income up to $225,000 for couples or $125,000 for individuals
•Must be at least 18 years of age to claim credit
•Purchase price must be $800,000 or less
CURRENT HOMEOWNERS
Credit: Equal to 10 percent of the home's purchase price, up to $6,500
Who Qualifies?
•Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
•Those with income up to $225,000 for couples or $125,000 for individuals
•Must be at least 18 years of age to claim credit
•Purchase price must be $800,000 or less
Deadlines:
•Have until April 30, 2010, to enter into contract for a home purchase
•Have until June 30, 2010, to close on the purchase
 | ||||||
