Posted on Monday, January 18, 2010
Extended Home Buyer Tax Credit
First credit motivated 2 million buyers from February to November 2009 (some would have bought anyway). Extended credit expected to motivate another 2.4 million.
Effective November 7, 2009.
First time buyer credit = $8000
Existing buyer credit - $6500 (new)
• Contract by April 3, 2010
• Close by July 1, 2010 (have inspectors, etc ready to go)
• Maximum buyer income $125k single/$225K couple (up to $145k/$245k allowed by less credit)
• $800k maximum purchase price
• Have not owned residence for prior 3 years
• If sell within 3 years, government recoups credit