The First-Time Home Buyer Tax Credit has officially been extended!  Just last week, the bill was approved and signed by President Obama, which is great news for first-time home owners, as well as existing home-owners.

I wrote an earlier blog on the tax credit, which was set to expire November 30, 2009, about the details and qualifications for this credit. 

The extension to the existing first-time home buyer credit is the same amount, $8,000, and expires April 30, 2010.  If a binding contract is signed by April 30, 2010, the home purchase will qualify if it closes by June 30, 2010.

Income limits, however, have been extended for sales occurring after November 6, 2009. For single taxpayers, the limit is $125,000, and for married couples filing jointly, the limit is $225,000.

For sales occurring between January 1, 2009 and November 6, 2009, the limit for single taxpayers is $75,000 and $150,000 for married couples filing jointly.

There is also a credit for existing home owners, as well. 

A credit of $6,500 will be granted to existing home-owners for home purchases occuring between November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding contract signed by April 30, 2010).

One of the qualification of this credit is that the owner must have owned and lived in a home for 5 consecutive years of the 8 years prior to the new purchase date.

For income limits and more qualifications for the existing home-buyer credit, please visit:

http://www.federalhousingtaxcredit.com/faq2.php#1

Photo courtesy of fotosearch