On Friday, October 30th President Obama signed off on extending the First-Time Homebuyer Tax Credit. Excellent news!
Here are the important dates that need to be pointed out: new home must be under contract by April 30th 2010, and must fund by June 30th, 2010.
This program was first rolled out in February of 2009 and was used by almost 500,000 Homebuyers. The best thing about this extension is it can be used not only by First-Time Homebuyers… current owners may now use as well. Excellent!. However you must have owned your current home for over 5 years and your tax credit is only $6500 not the $8000 for FTHBuyers. Subject property has to be owner-occupied primary residence and sales price cannot exceed $800,000.
Income thresholds raised to $125,000 for single-filers and $225,500 for joint-filer. Be sure to review it with a tax professional to determine your eligibility asap.
The original FTHBuyer Tax Credit worked and helped so much it is being extended 30 weeks!
bc@SmarterBorrowing.com 617.771.5021
bc@smarterborrowing.com
617.771.5021
[...] extension of the Homebuyer Tax Credit (see my recent post) benefits most types of buyers. First time buyers can still get up to $8000. And now, buyers who [...]