Good news for first-time homebuyers and buyers who want to move to a new home.
President Obama signed a bill to extend the tax credit for first-time homebuyers through June 30, 2010. The bill is also a great opportunity for other buyers who are not first time buyers.
First-Time Homebuyers- Receive the benefit of 10% of the purchase price or a maximum of $8,000. In order to qualify a buyer must be in a contract to sell by April 30, 2010 and close on the home no later than June 30, 2010. There are some hitches.....
Single tax filers who earn up to $125,000 are eligible for the total credit. Those who earn more than $125,000 can receive a partial credit. Those who earn over $145,000 are ineligible for the credit. Joint tax filers earning up to $225,000 are eligible for the total credit amount. Earners over $225,000 get partial credit and those over $245,000 are ineligible.
There is now a provision for current homeowners to purchase also. A $6,500 tax credit is available for qualified buyers who have owned and occupied a primary residence for a period of 5 consecutive years during the last 8 years. Homes over $800,000 are not eligible. The tax credit is only available for a primary residence, not a second home or investment property.
NOW IS A GREAT TIME TO BUY!!!!!!!!!!!!!!!
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