Good News for those looking to move in, up or around in New Territory as Congress recently voted to extend the First Time Home Buyer Tax Credit to April 30, 2010 and to allow credits to current homeowners who have lived in their homes for five of the last 8 years.
The credits are:
1)$8,000 for a couple or $4,000 for individuals who are purchasing their first home between January 1, 2009 and April 30, 2010 and 2) $6500 for couples or $4,000 for individuals who currently own and have lived in their principal residence for five of the eight previous years and buy a new home between November 1, 2009 and April 30, 2010.
According to the Extended Home Buyer Tax Credit which became effective on Noevember 7, 2009, income levels for eligibility are $125,000 a year for single buyers and $225,000 a year for married couples.
Tax credits are only given on homes purchased for $800,000 or less.
The rules also state that purchasers have until July 1, 2010 to close on their homes—as long as they have a written, binding contract executed on or before April 30, 2010.
This information as obtained from the National Association of Realtors, Government Affairs Division. Go to Realtor.com to ready more about it.
