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Homebuyer Tax Credit Extended!
Signed Into Law November 6, 2009

     President Obama has signed legislation to extend the Homebuyer Tax Credit. Passage of the bill was widely anticipated to further spur economic recovery in the housing sector, as more buyers are now eligible for tax breaks     under the new law. The $8,000 first-time homebuyer tax credit was originally set to expire on November 30.

    In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more. To qualify for the     $6,500 tax credit, repeat buyers must have used a previous home as a principal residence for five of the previous eight years.

    The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009, and April 30, 2010. Buyers would have until June 30 to close on their new homes.

There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are now $125,000 per year for individuals and $225,000 for married couples. Under the old program, the limits were $75,000 and $150,000 respectively. The first-time homebuyer credit is also available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.

I’m committed to meeting your home financing needs, and to answering questions about how the new law could impact your unique financial situation. Call me if you have any questions, or if you would like to get started on a loan application today!


Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

Great it did get signed.  Thanks for the update going to be interesting to see how much this helps out over the winter months.

Nov 06, 2009 07:22 AM