Wednesday, November 11, 2009

New Expanded Home Buyer Tax Credit

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

Ready to start shopping? Try looking here or here!

Posted via email from Paul's posterous

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