Home buyer tax credit extended & expanded

The $8,000 first-time homebuyer tax credit is extended

    * Now, qualified first-time home buyers would receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010
    * The home purchased must be their primary residence
    * Buyer cannot have owned a home during the past three years
    * Tax credit is up to 10 percent of the home’s value (not to exceed $8,000)
    * Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers

New $6,500 tax credit for current homeowners purchasing a primary residence

    * Eligible home buyers must have lived in their current home for five consecutive years of the past eight years
    * The new home’s cost need not exceed the current home
    * Eligible for homes with purchase agreements written by April 30, 2010 and that close between Nov. 6, 2009 and June 30, 2010
    * Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers

For more details about both tax credits contact HomeServices Lending.

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