Tax Credits Extended Through April 30, 2010!
Written on Dec 4, 2009 by Charles Kim
As the First Time Home Buyers tax credit of upto $8,000 came and went on November 30, 2009, the Senate and President Obama extended the FTHB tax credit through April 30, 2010. In addition to first time home buyers, they also included current home owners the opportunity to "move-up" and receive up to $6,500 in tax credit as well. The long awaited Cash For Casa has a greater opportunity to really keep the momentum of housing sales we have seen in the later part of 2009 going into early 2010. Here are some changes to the new tax credit that you will need to be aware of if you are going to collect on the credit. The main change in the FTHB credit is that a single person can now have an income of up to $125,000 annually up from $75,000 and married couples income levels move up to $225,000 from $150,000 to collect the full $8,0000 for FTHB and $6,500 for Move-Up buyers. Move-Up buyers MUST have lived in their current home for 5 consecutive years within the past 8 years to qualify as well and the maximum purchase price cannot exceed $800,000. The timelines also have changes where in the past you HAD to close on your purchase by the deadline. Now you just need to be in "contract" to purchase a home by April 30, 2010 and close by the June 2010. Now the next major step to the housing recovery is to provide assistance in reducing the foreclosure rate and finding a solution to modify the Jumbo category loans as the higher end market is just another housing recovery ambush waiting to happen!No Comments
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