The First Time Home Buyer Tax Credit isn't just for First Time Home Buyers anymore.
Previously the credit only applied to purchasers that hadn't owned a home during the previous 36 months, and that restriction still applies for crediting the full $8000. Here is a little bit about the old credit.
The new credit was expanded:
- It is still 10% of the purchase price, up to $8000 for first time buyer and up to $6500 for move-up buyers.
- The income limits have been raised from $75,000 up to $125,000 for singles or $225,000 for couples.
- The deadline is now April 30th, 2010 to be under contract, with closing to be completed by June 30th.
- Purchase price must be under $800,000.
That might seem like a long time, but lending guildelines have become a bit more snug, and even with the additional five months, short sales aren't certain to be completed on time. And in the Atlanta area, spring is usually prime buying time, so there will be more competition for good entry level homes.
from LaneBailey.com
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