On November 6, 2009 President Obama signed a bill extending the First Time Homebuyer Tax Credit into the first half of 2010. Additionally, the bill has provisions to offer credits to current homeowners purchasing new homes.
The “First Time Homebuyer Tax Credit” remains $8,000, with income restrictions being raised to $125,000 for single buyers and $225,000 for married couples. First Time Homebuyers are defined as those who have not owned a home within the last 3 years.
The new “Current Homeowners Credit” grants a tax credit of up to $6,500 to current homeowners purchasing a new primary residence. Current Homeowners are defined as those who have owned a home for five of the previous eight years. The income restrictions are the same for this program as the “First Time Homebuyer Tax Credit”.
To be eligible for the credits borrowers must have a signed purchase agreement by April 30, 2010 and must close by June 30, 2010.
For those in our armed forces stationed outside the United States for 90 days from January 1st, 2009 and April 30th, 2010, their eligibility will be extended until June 30th, 2011.
~ Courtesy of Wendy Charles, LoanCentral LLC, 425.468.9321, WendyC@LoanCentral.com
- Jeanette Eide
- Bellevue, Washington
- I’m a full-time professional Realtor specializing in residential resale and new construction in Seattle, Bellevue, Redmond, Kirkland, Issaquah, Newcastle, Sammamish, Bothell, Mill Creek, Snohomish, Everett, Woodinville, Kent, and Renton. Together with my husband Erik, we have over 17 years experience. We take the time to listen – getting to know you and establishing your exact needs. From there, our sole focus is getting you where you want to be, on time, in the smoothest manner possible. Together with our team of professionals, the closing of your transaction will be handled knowledgeably with the attention to detail you expect and deserve.
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