Can you identify this modest Orange County home?
Thursday, November 12, 2009
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
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