Great News! The $8,000 first time home buyer tax credit has been signed into law a few moments ago! Instead of expiring on December 1st, 2009, it has been changed to June 30th, 2010! You need to have a ratified contract in place by April 30th, 2010, and you have up to 60 days to close the transaction.
It's also been expanded! People who currently own a home are eligible to get up to $6,500 to "move up"! Here's a short video from Tom Kunz, President and CEO of Century 21, explaining the extension:
In order to qualify for the $6,500, here's a quick explanation of the guidelines for current homeowners (info on first timers can be found here):
- The credit is available for homes that go under contract by April 30, 2010 and close by June 30th, 2010.
- Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their primary residence for at least five consecutive years out of the last eight years.
- Income limits: $125,000 a year for individuals, $225,000 a year for married couples. (these are higher limits than before)
- Homes that cost more than $800,000 aren’t eligible for the credit.
- $6500 tax credit is not retroactive. (from the language of the bill: “shall apply to residences purchased after the date of the enactment of this Act.”
If you have any questions, please don't hesitate to call or email me!
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell
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Great news indeed! Hopefully it will allow the market to finish 2009 on a high note!
Posted by: Brandon Green | November 15, 2009 at 05:24 PM