Posted on: 13th Nov, 2009 09:02 am
There are some recent changes to the first time home buyer tax credits.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for 1st time home buyers and the $6,500 for people who have owned their home for 5 years or more and now upgrading, is the tax credit is 10% of the purchase price up to maximum of these amounts. For repeat buyers, the house price cannot exceed 800k.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for 1st time home buyers and the $6,500 for people who have owned their home for 5 years or more and now upgrading, is the tax credit is 10% of the purchase price up to maximum of these amounts. For repeat buyers, the house price cannot exceed 800k.
some more facts:
1. It has been extended up to April 2010.
2. Also the income limit has been increased, for single buyers it is up to $125,000 and for married buyers it is up to $250,000.
3. It is not necessary for you to close before April, you can have tax credit if your closing date is before June 2010.
1. It has been extended up to April 2010.
2. Also the income limit has been increased, for single buyers it is up to $125,000 and for married buyers it is up to $250,000.
3. It is not necessary for you to close before April, you can have tax credit if your closing date is before June 2010.
the loan closing date cannot be later than june 30, 2010. however, april 30 is a very important date also. a contract to purchase must be in place by april 30, 2010. if you sign a contract later than that, the credit will go *poof*
