Home Buyer Tax Credit Extension and Expansion - Nov. 6th 2009

The $8,000 First-Time Homebuyer Tax Credit is Extended! Don't Miss Out!
• Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010
• The home purchased must be their primary residence
• Buyer cannot have owned a home during the past three years
• Tax credit is up to 10% of the home value (not to exceed $8,000)
• Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers

PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence
• Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years
• The new home does not have to cost more than the old home
• Eligible for homes with purchase agreements written by April 30, 2010 and that close between November 6, 2009 and June 30, 2010
• Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers

For additional details on this view this chart from the National Association of Realtors