I'm not one to re-invent the wheel and Jim has done a great job of comparing the new home-buyer tax credit to the previous tax credit.
Via
Jim Lee, Knoxville Tennessee Realtor® (Realty Executives Associates):
Below is a chart prepared by the National Association of REALTORS ® comparing the new changes to the Homebuyer Tax Credit.
The biggest change is that current Homeowners are now eligible if they sell their current homes and then buy AFTER the date of enactment of this extension which is November 6th, 2009.
Because of widespread incidents of fraud, purchasers must now attach documentation proving they actually bought a qualifying home to qualify for the credit.
Additinally the income guidelines have been increased, now a single taxpayer can qualify if they earn up to $125,000 and up to $225,000 for married taxpayers.
The rationale for increasing the income limits and expanding the credit to existing homeowner is that it should encourage more higher priced home purchases. Currently the existing tax credit was driving mostly lower end purchases.
Jim Lee, CRS, ABR, GRI, ACRE, NAR Certified e-PRO Trainer
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Realty Executives Associates, Knoxville, Tennessee
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Hi Marchel, Jim did an excellent job of comparing the old features and then adding in the enhanced features for any buyer fitting the guidelines. Thank you for re-blogging it.