Tax Credit Update

The home buying tax credit has been extended. It has also been updated to include a wider range of home buyers. No longer do you need to be a "first time home buyer" to take advantage of the tax credit program.

The quick version is the "First Time Homebuyer" credit has been extended until April 30, 2010. These home buyers, who have not owned a home in the past three years, must have a signed contract on a home by April 30th, 2010 and settle on the home before July 1, 2010. They may receive up to an $8,000 tax credit.

The real big change is allowing home buyers who have owned a home for 5 consecutive years (out of the last 8 years) to purchase a home and receive up to a $6,500 tax credit. The income limits have also been increased. Our Military also receives some special consideration including a longer buying window and other exceptions.

It's not to late to start your search.

Contact me for more up to date information.