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TAX CREDIT EXTENDED & EXPANDED
Exciting news for first time home buyers as well as potential move up buyers today! The first time home buyer's tax credit has been extended through April 30, 2010 and expanded to include home purchasers who are selling their current home of at least 5 years of ownership.
Rules for the extended credit:
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First-time home buyers must purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
The maximum amount available to first time home buyers is $8,000 and the maximum available to move up buyers is $6,500. This money will not have to be repaid as long as the home is owned for 3 years or more.
For more great information about this tax credit news, visit Realtor.org.
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Kathleen, thanks for the update this is good news, especially for those that felt left out by the first time home buyers program. Widening the opportunity is definitely the was to boost the number of transactions.