Mortgage Center

UPDATE: First-Time Home Buyers credit extended
and Long-Time Homeowners now eligible for credit

On November 6th, President Barrack Obama signed legislation extending the $8000 first-time homebuyer tax credit that was set to expire on November 30th, 2009. Additionally, the bill also creates a new $6,500 tax credit for current homeowners who purchase a new home between December 1, 2009 and April 30, 2010.

Quick Facts:

• You must have a signed purchase agreement for your home no later than April 30, 2010 and the transaction must close no more than 60 days after that date.
• You are considered a first-time homebuyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
• You are considered a current homeowner if you have lived in your primary residence for at least five of the last eight years. Then you are eligible for a tax credit up to $6,500 when you contract to purchase a home before April 30, 2010, and close by June 30.
• For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
• People with higher modified adjusted gross incomes can now qualify for the credit. For individual filers the income limit is up to $125,000 and for joint filers the income limit is up to $225,000.

More details and updates are available for your review by visiting the following:

• First-time Home Buyers Tax Credit
• Move-up/Repeat Home Buyers Tax Credit
• IRS Tax Credit Information

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