Home Buyer Tax Credit Extended and Expanded

Posted by Carl Ericson on Friday, November 6th, 2009 at 2:19pm.

The first time home buyer tax credit was extended and expanded today. It extends the first time home buyer tax credit until April 30, 2010. It also allows a buyer until July 1, 2010 to close on a property if a buyer has a binding contract on or before April 30, 2010. First time home buyers may receive up to $8000 in a tax credit. The tax credit has also been expanded to include current homeowners who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight years. Current homeowners are eligible for a tax credit of up tp $6500. Income guidelines have also been expanded: single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. Homes $800,000 and less can qualify for the credit.

Please see the following links for more detailed information on the Extended Home Buyer Tax Credit and a comparison chart to the First Time Home Buyer Tax Credit that was enacted in Feburary 2009.