Homebuyer Credit Extended and Expanded
This morning, the $8000 tax credit extension was extended and expanded
for first-time home buyers. This is the tentative plan, but not
official until the government releases the documents with all of the
fine print.
Here's the new tax credit deal the Senate settled on this morning:
The $8,000 first-time home buyer tax credit would be extended (it was
set to expire November 30) for home buying contracts that are finalized
by April 30, 2010 and close before June 30, 2010.
A new $6,500 tax credit is available to some existing homeowners who
lived in a home for a consecutive 5 years out of the past 8 years.
The income limits have been raised, so both tax credits will be
available to those individuals earning up to $125,000 (currently set at
$75,000), or up to $225,000 (currently set at $150,000) for couples.