First Home Buyer Tax Credit Extended, Move Up Buyers Get New Tax Credit
It is official. President Obama signed the bill Friday. The bill extends the existing first home buyer credit through April 30-and creates a new credit, I call it the “Move Up” home buyer tax credit of $6500 credit for qualifying “move up” buyers, and it increases the income limits to qualify… welcome changes and a shot in the arm for home Buyers and Sellers.
The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010-however this is a “contracted by” date and you must close by July 1, 2010.
It also includes a tax credit of up to $6,500 for qualified move up buyers- you must have used the home as your primary residence for 5 of the last 8 years- and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples.
Home buyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2010. The tax credit is limited to homes with a purchase price of $800,000 and below.
More details as we learn them but this is more that we had last February… lets go buy a home!!!
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