$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.
More incentives to buy a home:
- Housing affordability is near its highest level in 18-years;
- Mortgage rates remain at 37-year lows.
Leaman Team wants to make sure your questions are answered. Please call Leaman Team today to discuss your home financing: (512) 710-1400 or email LeamanTeam@LoanPeople.com.