Excelent news! The US government has extended as well as expanded tax credits for home buyers - not just those buying for the first time either. Below are some of whats in the changes.
1. First time home buyers can now receive an $8,000 tax credit through April 30, 2010
2. Home buyers who have lived in their residences for five years may now receive a credit of $6,500
3. The tax credit is now available to individuals earning up to $125,000, or $250,000 for couples
4. $8000 tax credit for first-time homebuyers extended for buyers who sign a contract by April 30, 2010 (and who close by the end of June).
5. $6500 tax credit offered to homebuyers who have lived in their current residence for at least five years and who want to “trade up” (buy a new primary residence).
6. A couples can earning as much as $225,000 a year and individuals can earn up to $125,000 would qualify (this is up from $75,000 for individuals and $150,000 for couples).
7. Tax credit will not applicable for buying homes valued at more than $800,000.
8. If you sell your new home or stop using it as your main residence within three years, you would have to repay the credit back.
Now the questions remain, will this helpo the market? In my humble oppinion I do beleive it will help, perhaps not as much as most might want. But it should help none the less.
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