Tax Credit Extended - Current Homeowners Eligible!

You may have heard that the Homebuyer Tax Credit was extended. It was also expanded to include a credit for current homeowners who have owned and lived in their homes for 5 years. The details about the tax credit are below. This is very exciting news for buyers who can take advantage of not only the tax credit but also historically low mortgage rates and reduced prices.

First Time Homebuyers:

• Amount of Credit: $8000
• May not have had an interest in a principal residence in the last 3 years
• Must be under contract by April 30, 2010 and close by July 1, 2010
• Income limits: $125,000 single and $225,000 married
• Maximum cost of home $800,000

Current Homeowners:

• Amount of Credit: $6500
• Must have lived in current home as principal residence for 5 of the last 8 years
• Must be under contract by April 30, 2010 and close by July 1, 2010
• Income limits: $125,000 single and $225,000 married
• Maximum cost of home $800,000

Here is a link comparing the old and new bills:
http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-Issue-Brief-Homebuyer-Tax-Credit-Changes-1104-1107.pdf

Here is a link to some frequently asked questions:
http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-FAQ-Tax-Credit-Changes-1105-1236.pdf