09 November 2009

Home Buyers Tax Credit Extension

Great news for those looking to purchase a home!

The $8,000 first-time homebuyer tax credit has been extended and expanded, now the plan also benefits current homeowners...
  • $8,000 first-time homebuyer tax credit is extended until April 30, 2010.
  • Now available, a $6,500 tax credit to current homeowners who have lived in their homes for at least five years.
  • Income limits have been increased to $225,000 for couples and $125,000 for individuals.
 
Stipulations to the tax credit include:
  • Not available to those buying homes worth more than $800,000.
  • Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.
  • The new plan goes into effect December 1, 2009
Look for more information on the tax credit in next week's Mortgage Fortune.
 





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