Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The White House says the President will sign it into law today.
The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.
The program's basic eligibility requirements remain the same:
- Buyers can't purchase the home from a parent, spouse, or child
- Buyers can't purchase the home from an entity in which they're a majority owner
- Buyers can't acquire the home by gift or inheritance
- All parties to the purchase must meet eligibility requirements
The new law includes some notable updates, however.
For one, the definition of "first-time home buyer" has been expanded to include most homeowners with at least 5 years in their current home. "Move-up" buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.
This means that you don't have to be a true first-time home buyer to claim the "first-time home buyer tax credit".
Other eligibility changes include:.......
Read the COMPLETE BLOG POST HERE:
Congress Expands And Extends The First-Time Home Buyer Tax Credit
-----------------------------------------
Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.
Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210
;)
;)
