Homebuyer Credit Extended
November 12th, 2009 Posted in Buyer's Corner, Real Estate Q&A, Seattle Area Market Updates
Tax Credit extended and expanded for first time home buyer and existing home owner tax credit through April 30, 2010
Friday, November 6th President Obama signed the legislation.
The bill passed the house on a 403-0 vote and the senate on a 98-0 vote on Wednesday.
KEY CHANGES
~ Written binding contract signed by April 30, 2010 / Close by July 1, 2010
~ Income limit increase: Single $125,000 / Married $225,000
~ Cost of home cannot exceed $800,000
~ Existing homeowner credit eligibility of $6,500 tax credit. Must have owned principal home for 5 of the last 8 years (& be purchasing a new home).
Link to Chart for more detailed information and FAQ’s . Great info.