Well you heard it here first (if you follow me on twitter), it's official- yesterday, President Obama signed off on the first time homebuyer's tax credit extension (among other things). It is actually now new and improved. Below are the new requirements:
- First time homebuyer(s) can receive $8,000 or up to 10% of the purchase price
- They must not have owned a property in the last three years
- They must qualify for a mortgage to get the credit (no cash, sorry!)
- Income limits for single people raised from $75,000 to now $125,000
- Income limits for couples raised from $150,000 to now $225,000
- Price limit for the home is $800,000
- Non first time buyers can also receive the credit now- up to $6,500
- Non first time buyers must have owned their property for 5 consecutive years out of the past 8 years
- Contracts must be in placed by April 30, 2010 and closed by June 30, 2010
Here's a great video from the president of Century 21 giving a little more information on the tax credit.
If you have specific questions about whether or not you would qualify for this tax credit, just let me know! CNN Money Article
No comments:
Post a Comment