Homebuyer Tax Credits Extended and Expanded!!

Federal Housing Tax Link:  http://www.federalhousingtaxcredit.com/home.html

Columbus Board of REALTORS®

President Obama signed a measure that includes an extension of the $8000 first homebuyer tax credit that was set to expire at the end of November.  In addition, the bill creates a $6500 tax credit for homeowners who purchase a new residence.

The $8000 tax credit is open to new homebuyers through April of 2010.  To be eligible, first time homebuyers must have an income of not more than $125,000 for individuals and must be acquiring a home for $800,000 or less.  The IRS will have increased ability to recognize and stop fraudulent use of the tax credit.

The $6500 tax credit is available to those who would like to acquire a new home after having occupied their current residence for at least five years.  This credit could be claimed by those with a closing date of Nov. 6 or later.

The $24 billion bill has substantial momentum due to the inclusion of jobless benefits that extend the amount of time individuals can claim unemployment by up to twenty weeks.  

In Contract Magazine

The $8000 tax credit for first time homebuyers that was set to expire at the end of October has been extended through April of next year.  Not only that, an added measure offers a $6500 tax credit for homeowners who wish to purchase a new residence.

The expanded tax credit raised income limits, tightened documentation requirements, and extended the program's deadlines.  To qualify for the $8000 tax credit, first time homebuyers must close on or before April 30, 2010 or be in a binding contract by that date with a home sale occurring by June 30.  A "first-time homebuyer" is defined as one who has not owned a principal residence for three years.  Eligible single homebuyers should have an income of $125,000 or less and married couples have a limit of $225,000.  While the income limits have been raised in the expanded version of the tax credit, they are not retroactive to those who bought a home before Nov. 6.  

The $6500 tax credit is available to those who would like to acquire a new home after having occupied their current residence for at least five years.  This credit could be claimed by individuals earning $125,000 or less and couples earning up to $225,000 and the new home purchased must be valued at $800,000 or less.

Quick Home Search

Address:

MLS#

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/08/2010. The listing information on this page last changed on 09/08/2010. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of CBRMLS (last updated Wed 09/08/2010 6:07:24 PM EST). Real estate listings held by brokerage firms other than RE/MAX Champions may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --
Privacy Policy

This site is hosted, designed, and copyright © 1994 - 2010 by Delta Media Group, Inc.