Here is what we have just learned regarding the  home buyers tax credit. The House passed the unemployment extension bill yesterday after Senate did the day before which includes the extension and expansion of the tax credit.  The President signed the bill into law this morning. Here are some of the details.

·         First-time homebuyers will continue at $8,000

·         Tax credit for “move up” purchasers will be up to $6,500

o   Must have used previous home as a principal residence for 5 consecutive  years of the previous 8. This means that if a buyer owned a home for 5 years but has rented for the last 2 years, they are eligible.

·         Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers

·         Limitation on eligible home prices has been increased to $800,000

·         Time Frame:    December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010

·         Anti-fraud measures have been added.

If you have any questions, feel free to contact me.

Thank you, Mark Afman,

Posted by Mark Afman under Home & Mortgage & Mortgage Blog & Mortgage Information & Real Estate |