Homebuyer Tax Credit
Great news for those 1st time buyers that missed out on the tax credit as well as current home owners looking to make a move!!
Program highlights include:
· REPEAT BUYERS who purchase prior to May 1, 2010 will receive a $6500 tax credit!! Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
· Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
· Credit remains at $8000 for first-time purchasers. (A first time buyer is defined as anyone that has not owned a home in the past 3 years.)
· Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
· Maximum home purchase price allowed $800,000
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