Congress passed legislation expanding an $8,000 tax credit for first-time homebuyers, extending
unemployment benefits and providing tax refunds to money-losing companies. The President signed into law Friday, November 6th!
Deadline for the current credit is November 30th, 2009
Deadline for the new and improved credit: purchase transaction must take place by April 30, 2010 and close by June 30, 2010.
Who is eligible and what is the amount of the new credit?
- First-time homebuyers who have not owned a primary residence in the last three years are eligible for up t0 $8000.
- A new credit up to $6500.00 will be available for homeowners who have lived in the home they are selling or have sold as a principal residence for 5 consecutive years in the past 8. These transactions must be ratified by April 30, 2010 and close by June 30, 2010
- Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
- Homes valued at more than $800,000 are not eligible.
See more details from the The National Association of Homebuilders.
Need help? Please contact Maria Clark with Prosperity Mortgage at 804-741-8400
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