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Homebuyer Tax Credits Improve - FREE MONEY

The new tax credit is an improvement over the existing one which expires on Nov. 30. Some of the enhancements it includes are:
  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
  • Current homeowners are eligible for a $6,500 tax credit through April 30, as long as they have lived in the home they are selling as a principal residence for five consecutive years out of the last eight years.
  • Time has been added to allow for closing the home purchase. As long as buyers have a binding contract by April 30, they will then have until June 30, 2010, to close the transaction.
  • Income limits for eligible buyers were increased to $125,000 for single buyers and $225,000 for couples.

The passing of this legislation is very positive news for anyone looking to buy or sell a home. Both first-time and move-up buyers can now take advantage of the new tax credit in addition to today's historically low interest rates.

We'll help you stay up-to-date about real estate by providing additional information and resources. For the best experience buying, selling and financing contact our office.

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