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Homebuyers Tax Credit Extension and Expansion Signed

IRSBULLETIN:  The Mortgage Banker’s Association announced yesterday that President Obama signed a bill Friday extending the $8,000 first-time homebuyer tax credit, making it applicable to contracts entered into by 4/30/10, and closing by 6/30/10.

The bill also includes a new $6,500 tax credit for homebuyers who have previously owned a home, if that home was their primary residence for five consecutive years out of the last eight years.

Both the $8,000 first-time homebuyer credit and the $6,500 repeat home-buyer credit have higher income limits ($125,000 individual and $225,000 couples) than the bill expiring at the end of this month, and the maximum cost of the home being purchased is now up to $800,000.

For more details, read Obama Sgns Extended Tax Credit Into Law on REALTOR.com. 

 

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