Tax Credit -
Not Just For
First Time Homebuyers
Anymore!
The anticipated extension of the Tax Credit to First Time Homebuyers has become law effective November 6.
First-time home buyers have been eligible for tax credits up to $8,000 since last January provided they close by November 30, 2009. That date has now been extended.
But the new program has expanded credits to include existing home owners. Those who have lived in a primary residence for at least 5 consecutive years out of 8 could be eligible for tax credits up to $6,500 when they purchase their next home.
To qualify, buyers will need to enter into a purchase contract by April 30, 2010 and close by June 30, 2010.
There are new income limits, a maximum purchase price of the new home of $800,000 and some other guidelines as well. The 2 links below might answer some of your questions.
If you would like to discuss how all this affects you and your home buying or selling situation, contact me. This is an opportunity I don’t want anyone to miss!
