Tax Credit Extension…Are You Eligible?

 As you know, the tax credit has now been extended and now includes the opportunity to enable more buyers to take advantage of this government stimulus plan.     Below, is a brief summary of what is included in the plan.

  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.   Time has been alotted to allow on settling on your new home.   Buyers must have a ratified contract by April 30, 2010, and will have until June  30, 2010 to settle.  

  • If you are a current homeowner and want to buy, you could also be eligible for a $6,500 tax credit through April 30, as long as you have lived in the home that you are selling as a principal residence for five consecutive years out of the last eight years.


  • Income limits for buyers who qualify were also increased.   ($125,000 for single buyers and $225,000 for couples)

First-Time Homebuyer Tax Credit will be Extended = Great News for Buyers and Sellers!

Today, the House of Representatives voted 403-12 in favor of extendingthe first-time home-buyer tax credit.   It will be extended through April 30, 2010. Yesterday the Senate voted  98 to 0 in favor of the extension.  

It has been reported that President Obama  will sign the Dodd-Lieberman-Isakson amendment which includes the  bill’s extension   and expands the federal tax credit for first-time home-buyers. The amendment extends the tax credit through April 30, 2010.

The President  is planning on signing  the amendment as soon as tomorrow.  

I will have more information on this bill in the coming days.