Congress has extended and expanded the Home buyer Tax Credit and President Obama is expected to sign tomorrow. All changes to the current credit will be effective when he signs the Bill. The new extension will be through April 30, 2010 and close by July 1, 2010 with the credit continuing to be $8,000 with the previous first-time buyer eligibility requirements. In addition there will be current homeowner credit of $6,500 ($3,250 married filing separately).Income limits for a single person have been increased from $75,000 to $125,000, married from $150,000 to $225,000 with a limitation of cost of the purchased home being $800,000.
the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years.Zero chance of another extension so between now and April 30th make your decision to buy if you want to take advantage of the tax credit and the investment in real estate makes sense for your individual circumstances.
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