Friday, November 20, 2009

Tax Credit Extended and Expanded

Great News for First-Time Homebuyers and Move-Up Homebuyers! Congress has enacted legislation, which the President has signed, extending and expanding the First-Time Homebuyer Tax Credit.

The extension for First-Time Buyers expires April 30th. This means that you must be under contract by April 30th and close your home purchase by June 30th. First-Time Buyers can qualify for a tax credit of 10% of the purchase price up to $8,000.00

The legislation passed expands the tax credit to "move-up" buyers as well, meaning current homeowners who have lived in their home for 5 out of the last 8 years, who purchase another primary residence, can qualify for a credit up to $6,500.00.

For more information go to www.federalhousingtaxcredit.com