Expanded Tax Credit - What Has Changed With The New Law?

Expanded Tax Credit  - What Has Changed With The New Law?

Springfield Mo homes for sale just became more profitable.  Now, home sellers and buyers in the Springfield real estate market welcome the news that Congress added new changes to the Home Buyer's tax credit to help the economy to get a jump start.  First time home buyers have until mid-next year to purchase a home and also creadte a tax credit for repeat buyers.

Some of the changes are:

Deadline:  Buyers must have a contract to purchase a residence in place before May 1 2010, and the deal must close before July 1, 2010 in order to take advantage of the tax credits.

Sale Price Limit : A ceiling has now been set for the sales price of homes eligible for the tax credit. For purchases made after Nov. 6, the tax credit is only available for any homes costing less than $800,000

$6,500 Credit for Repeat Buyers : Homeowners who have lived in the same home for five consecutive years out of the past eight can qualify for a tax credit up to $6500.  The new home does not necessarily need to be a single-family home.  Also, the home does not have to cost more than their existing home.  Homes purchased prior to November 6, 2009 are not eligible.