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.
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