First Time Home Buyer Credit

The first thing you should know about the first time home buyer tax credit is….always consult your tax professional to see how the credit applies to you.

Great News!  Congress has voted to extend and expand the First Time Home Buyer Tax Credit.  The new expanded credit and its modifications will begin once President Obama signs the bill.

Some of the best news about the modifications made is that the credit is no longer just for first time home buyers.  Move up buyers that have lived in their current home for the past 5 years are also eligible.  Income limits have also been raised from $75,000 to $125,000 for single filers and from $150,000- $225,000 for joint filers.

This credit extension ends April 30^{th 2010}.  If you are looking to buy a home you will need to be under contract by April 30^th 2010 and you will have until July 1^st 2010 to close.  It is highly unlikely this incentive will be extended yet again.   Please don’t let this amazing opportunity go to waste. 

Go Here for an easy to understand chart describing the new tax credit 

Remember I am always here to help you with your real estate needs.  I have attached an easy to understand chart Here of how the new credit works.  Remember to always consult your tax professional to make sure you qualify.