Tax Credit Extended and Expanded
The tax credit was signed and was effective the next day (day after enactment) for the key provisions. NAR provided us w/ the following information. The highlights are:
l Tax credit is extended until April 30th 2010
– Sales contract must be signed by April 30th. (60 days to close)
l Effective for loans closed November 7th
– Sales price increased to $800,000
– Higher income limits - $125,000/$225,000
– “Repeat borrowers” eligible IMMEDIATELY:
l Have lived in previous home 5 of last 8 years
l Must purchase new home as principal residence
l Can buy smaller house - do not have to sell current home
I have attached a chart to compare the old & new tax credits for your review. Please call me if you have any questions.
Homebuyer Tax Credit 2009 & 2010