In an effort to stimulate the US housing market Congress passed legislation to extend and expand the homebuyer tax credit that was originally passed in spring of 2009. Not only can first-time homebuyers collect up to $8,000 in tax credits, existing home owners are eligible to collect $6,500 in tax credits.
These incentives are effective now through April 30, 2010 (must have an accepted offer by then and close by June 30, 2010).
Below are some of the key highlights:
First time buyer
Existing home owner
Amount of credit available
Up to $8,000 or 10% of purchase price
Who is eligible
May not have had an interest in a principal residence for 3 years prior to purchase
Must have used current home for 5 of the last 8 years as principal residence
Written and accepted offer by April 30, 2010 and close by June 30, 2010
$125,000 - single person
$225,000 - married couple
Cost of purchase limits
For more information on either of these tax credits please fill out the form below and a qualified team member will get in touch with you.