The President has signed and it's official! Home Buyer Tax Credit Extended!

Services for Real Estate Pros

I as well as many others have been waiting - impatiently -  to see if the home buyer tax credit would be extended.  With great pleasure I am happy to announce:


The home buyer tax credit extension is now a done deal!  This isn't just an extension of the first time buyer tax credit, it is also a tax credit for qualified current home owners!

This new bill extends unemployment benefits for over a million Americans ( which is at a 29 year high) and extends the first time buyer tax credit of up to $8,000 on transactions through April 30, 2010.  Find your home and place an offer by April 30, close the transaction by June 30th and you get up to $8,000 in tax credit!  The income restrictions have been loosened too!

For current homeowners there is a $6,500 tax credit for qualified parties!  You must have owned your home for 5 years or lived in the home you owned for 5 of the last 7 years and you may be eligible for the $6,500 tax credit!  There are income restrictions.

Some of the details:


- The first-buyer credit remains 10 percent of the cost of the home or $8000, whichever is less.
- The credit for existing homeowners is 10 percent of the value of the new home or $6500, whichever is less. (Limit of $800,000 purchase price)

- A first-time homebuyer cannot have owned a home during the past three years.
- Existing homeowners must have owned and lived in their current home five out of the preceding eight years.
- Only principal residences qualify. No second homes or investment properties.

Income limits:
- The measure raises the income limits for those claiming the credit to $125,000 a year for individuals and $225,000 for couples, up from $75,000 and $150,000 in the previous first-time buyer credit. After that, the value of the credit phases out.
- The cost of the new home cannot exceed $800,000.

- Expanding the home buyers' credit will cost about $11 billion. The total cost of extending the first-time buyer credit and adding the existing owners' credit is $16.7 billion.

For help with selling a home.

Call me for help before Foreclosure.

For help with buying a home.

Your neighborhood expert is here to help.

E-mail me.



You can find great local Milwaukee Wisconsin area real estateinformation on April Hayden-Munson Realtor, Southeastern Wisconsin is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. Serving Milwaukee, Waukesha, Washington counties and the surrounding area.


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Club Chaos
first time buyers
buying a home
selling a home
tax bill
tax credit
first time homebuyer
april haydenmunson

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional


This is great news. BTW I wanted to ask you about last Sunday's game but ... well ... you know, it was just weird!

Nov 06, 2009 06:07 AM #1
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Hi Richard!! YEs it is indeed good news, I am sure many people will benefit from the tax credits!

Nov 06, 2009 07:38 AM #2
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

April - I have some clients who are going to be very happy about this - they are moving into a larger home in January.

Nov 06, 2009 08:00 AM #3
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Jason, That's great to hear!  I have some sitting on the fence, I hope this helps push them over.  What a fantastic opportunity!!

Nov 06, 2009 08:15 AM #4
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!


This is really a good thing; and it now helps the existing buyer that wants to move up as well.

Nov 06, 2009 09:03 AM #5
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Tom - I think this may help with some who don't want to list right now because they perceive they will "lose" some of their equity.

Nov 06, 2009 09:11 AM #6
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC


The tax credit will help to sell homes.

Good luck and success.

Lou Ludwig

Nov 06, 2009 02:00 PM #7
Steve Merson 512 412 1621
Keller Williams Realty - Austin, TX

Hi April,

Yes, at last an end to the uncertainty and great news for my first time home buyers. 


Nov 08, 2009 01:24 PM #8
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

There are many people dancing from the rooftops because of this news, but I have mixed feelings about it. I guess it's good for those that can cash in on it.

Nov 09, 2009 11:42 PM #9
Brandon M.

I purchased my first home in October of 2007, do you know if my purchase applies to any of the tax credits?

Nov 11, 2009 05:17 AM #10
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


April Hayden-Munson

Brookfield Wisconsin Real Estate
How can I assist you and when will you be making a move?
Spam prevention

Additional Information