Mortgage Resources

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

Income limits raised for tax credit qualification!

Homebuyer Tax Credits

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.