First-Time Homebuyer Credit Extension at a Glance

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Mortgage and Lending with Residential Home Funding

 

 

The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying the 1st time home buyer credit from Nov. 30, 2009, to April 30, 2010. If the buyer enters contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

The maximum credit amount remains at $8,000 for a first-time homebuyer

 The extension also provides a "long-time resident" credit of up to $6,500 to others who do not qualify as "first-time homebuyers, i.e. people that have owned homes within the last 3 years.

 Income limitations for homeowners claiming the credit raised

The full credit will be available to taxpayers that earn up to $125,000, or $225,000 for joint filers increased from $75,000 and $125,000. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.

For Members of the Military

Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.

 

 

  Bernard Hartigan

 

4 Wood Hollow Road

Parsippany, NJ 07054

Office   973-447-4406 Extension 202

Fax       973-463-4224

Cell       973-699-0378

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