Extended Home Buyer Tax Credit and Expansion

President Barack Obama has extended the first time home buyers tax credit until April

30, 2010.  As part of the economic stimulus bill, it also expands the program

to homeowners who have lived in their homes for at least five years.  ( also must be under

contract by April 30, 2010 - must close prior to July 1. 2010.)

Key components:

1.  Extends First time home buyer tax credit of up to $8,000 to first time home buyers

until April 30, 2010.(must not have owned a home 3 yrs prior to purchase)

2.  Extends the tax credit to grant up to $6,500 to current home owners purchasing a new or existing

home between November 7, 2009 and April 30, 2010.

There are income restrictions as well as maximum allowable tax credit.  The credit does not need

to be repaid if the home is occupied for 3 or more years.  The property must be a primary residence

$800,000 or less.

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

9:47 AM - Nov. 9, 2009 - comments {0} - post comment
View more entries tagged with: Extended First Time Home Buyers Tax Credit, Expansion

Write a Comment
Your Name:	RealTown Members: Click here to login
Your E-Mail:
Your Website:
Subject:
Your Comment:
Notifications:	Notify me by email when new comments have been posted to this entry.
Privacy:	Private Comment - Do not publish this comment to the public.
Verification:	To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.

Categories