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Newport Beach Real Estate

November 5th, 2009

Tax Credit For First Time Home Buyers Extended

Category: General Information

Tax Credit For First Time Home Buyers Extended

The tax credit for first time home buyers has been extended through April 30, 2010. There will also be a sixty day extension if a purchase contract is in place prior to the April 30, 2010 deadline. The first time home buyers will receive the $8000 tax credit if it is their first home.  And there is now going to be a reduced credit up to $6,500 for existing homeowners if they have resided in the current home for five years. Also, the bill also will increase the home purchasers income limits from $75,000 to $120,000 for people who file single. And the income limits for people who file jointly will be increased from $150,000 to $225,000.

The amount of the purchase price for a home purchase will be predicated on a maximum home purchase of $800,000.

President Obama is expected to sign this bill later this week.

This is excellent news for first time home buyers, and for home buyers who have been in their existing home for five years and desire to move. Also, it is good news that they have raised the income for both single and couples who file jointly who may benefit from this tax credit.

If  I can answer any questions about Newport Beach Real Estate, or Costa Mesa homes for sale, please contact me.

Phone or Text: 949.280.0681

Email: Spaxson@roadrunner.com

Posted by Sharon Paxson

This entry was posted on Thursday, November 5th, 2009 at 4:41 pm and is filed under General Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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