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Extended (and Expanded) Home Buyer Tax Credits
With the First Time Home Buyer Credit set to expire on December 1, the President signed an extension (and expansion) of the credit. Now people who qualify for a Home Buyer Credit must be under contract to purchase a house no later than April 30, 2010 and they must close by June 29, 2010.
-First Time Home Buyer Tax Credit
Not much has changed if you are a first time home buyer. The maximum credit is still $8,000 and most of the requirements from the previous credit are similar. However, income limitations have been raised to allow more people to qualify for the credit.
-Move-Up/Repeat Home Buyer Tax Credit
Now people who already own a house can qualify for a Home Buyer Credit if they buy a new principal residence between November 9, 2009 and the June 29, 2010 deadline . If you have owned and used the same principal residence for a five-consecutive year period within the last eight years, you may qualify for a $6,500 tax credit.
One other change to the Home Buyer Tax Credits is the new HUD "monetization" of the credit. Simply put, for those buying a home under a FHA mortgage, HUD will allow you to apply the $8,000 credit as a down payment on the purchase of your new home. Check with your lender for more details about this program.
If you would like to find out if you qualify for a Homw Buyer Tax Credit, give us a call at 615-376-8800!
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