Friday, November 6, 2009

News Alert: Tax Credit for Homebuyers Signed

Normally I do not post RE news on Friday, but big news today. President Obama signed a homebuyer tax credit this morning. The just enacted tax credit that applies to more buyers than ever before, and you may be one of them.

Similar to previous tax credits, first-time buyers are still eligible to receive up to 8,000 dollars, but this time “move-up” buyers are also eligible to receive up to 6,500 dollars, and income limits have been significantly raised across the board.

Here are a few key points about this new tax credit:

  • To be eligible for the “move up” buyer tax credit, you must have been living in your principal residence for five consecutive years out of the last eight.
  • For both first time and “move up” buyers, income limits have been increased to 125,000 dollars for single filers and 225,000 dollars for joint filers.
  • The tax credit is only available on homes priced under 800,000 dollars.
  • To take advantage of the tax credit you will need to make a qualified home purchase before April 30, 2010.

Have a great Friday and even better weekend.

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