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.