New legislation has extended and expanded the old “First Time Home Buyer Tax Credit” – it now applies to people who already own home as well. The picture of the chart from NAR has the details.
Here are the main points:
· First time buyers are people who have not owned a home in over 3 years
· Credit for first time buyers is $8,000
· Credit for current home owners is $6,500
· Current home owners must have lived in the home being sold for 5 consecutive years out of the last 8 years
· The income limits are increased to $125k/$225k single/married
· You must be under contract by April 30 and close escrow by July 1, 2010
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