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)