Homeowner Tax Credit has been Extended and Now Includes Repeat Home Buyers!
This past Friday, President Obama signed the first-time home buyer tax credit extension into. It was originally scheduled to expire November 30th of this year. The extension also offers a tax credit for people who are purchasing a new residence, but aren't first-time homeowners. Homes must be purchased by April 30, 2010 with the closing date set prior to June 30, 2010.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. The maximum allowable credit for first-time home buyers is $8,000 and for current homeowners is $6,500.
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. This is a change from the previous First Time Home Buyer Tax Credit limits.
For a list of some of the most frequently asked questions on the changes to the Homebuyer Tax Credit, please visit my website, Buy Mankato Homes.