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$8,000 Homebuyer Tax Credit Extended, Expanded to $6,500 for Repeat Homebuyers

Income limits raised for tax credit qualification!

The government has significantly extended and expanded tax credits available for homebuyers. I want you to have accurate information about the homebuyer tax credits.

Homebuyer Tax Credit Facts:

• EXTENDED! Up to $8,000 tax credit available to first-time homebuyers.


• NEW! Up to $6,500 tax credit available to repeat homebuyers.


• NEW DEADLINES!
  
  
  • Start Date: both tax credits apply to home purchases occurring after November 6, 2009.
  
  
  • Contract Date: both tax credits apply to contracts signed by April 30, 2010.
  
  
  • Close Date: both tax credits apply to home purchases closed before June 30, 2010.


• To qualify for the $6,500 tax credit, repeat buyers must have used the home sold or being sold as a primary residence consecutively for 5 of the previous 8 years.


• The tax credit is not repaid if the home is used as a primary residence for 3 years or more.


• EXPANDED! Qualifying income limits have been raised:
  • From $75,000 to $125,000 (single tax return);
  • From $150,000 to $225,000 (joint tax return).
• Tax credit may be awarded only on homes purchased for $800,000 or less.

• Housing affordability is near its highest level in 18-years;


• Mortgage rates remain at 37-year lows.

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