Income Tax Credit Extended until April, 2010

cc licensed flickr photo shared by woodleywonderworks

Time to Buy a Home?
The $8,000 income tax credit for first time homebuyers has been extended until April 30, 2010. The previous expiration date for the credit was November 30, 2009. Additionally, the qualifying criteria has been modified to include more homebuyers.

Here are some of the specifics:

• $8,000 (or 10% of the purchase price, whichever is less) income tax credit is available for first time homebuyers who have not owned a primary residence in the past 3 years.
• Up to $6,500 income tax credit available for buyers who have lived in their primary residence for the last 5 years, and want to purchase a new primary residence.
• Maximum purchase price to qualify for credit is $800,000.
• Purchase agreement must be signed by April 30, 2010. Closing must occur by June 30, 2010.
• Individuals earning up to $125,000 per year, and couples earning up to $225,000 per year qualify.

Let’s get this housing market booming again!