Fantastic news today! Congress has approved an extension (and expansion) of the Home Buyer Tax Credit, which will become effective when President Obama signs the bill!!
First-Time Home Buyers will now have until April 30, 2010 (extended from November 30, 2009) to purchase a home and receive the $8,000 tax credit. To qualify, the home buyer must not have owned a home during the previous 3 years.
In addition to the extension, Congress has EXPANDED the tax credit to include even MORE home buyers (not just those purchasing a first home!). Current homeowners will qualify for this tax credit if they are selling or vacating a home that has been used as a principal residence for any 5 consecutive years out of the previous 8 years. This $6,500 tax credit will apply to the purchase of a replacement home under contract by April 30, 2010, and the home buyer will have until July 1, 2010 to close!!!
In both cases, the purchaser must occupy the home for a minimum of 3 years, or the credit will need to be paid back upon sale of the property.
Please let me know if you need any more information about this tax credit (Income Limits, Eligibility Requirements, Limitation on Cost of Purchased Home, etc.) ... I'm always available to answer questions!
