Today it was made official by Obama as he approved the extension and expansion of the homebuyer's tax credit. For first-time homebuyers, the credit of up to $8,000 has been extended through April 30, 2010. In order to qualify, you must have a written contract in place by April 30th, 2010 and close the transaction before July 1, 2010. In addition, the income limits for first-time homebuyers was increased to $125,000 for a single person and $225,000 for a married couple. Individuals earning up to $145,000 and married couples earning up to $245,000 will be eligible for a partial credit.
The program was also expanded to buyers who are current home owners and have lived in their home for five of the past eight years. However, these buyers will only receive a $6,500 tax credit.
For a fact sheet on the above program, click here.
If you have any other questions about the Home Buyer Tax Credit, feel free to contact me anytime. Or if you know anyone that may need the services of a Realtor, I always welcome and appreciate referrals.
Visit www.BryanLima.com today for information on buying and selling real estate in New Jersey.