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Home Buyer Tax Credit Expanded!

As we know by now current home buyer tax credit has been extended through the middle of the year. Under the new plan purchase contracts must be signed by April 30, 2010 (extended from November 30, 2009). However, the purchases have until June 30, 2010 to close in order for a buyer to qualify for the credit.

In addition, the new plan is an expanded version of the original plan that allows some existing homeowners to take advantage of the credit as well. The question we have been receiving a lot lately is:

Who qualifies for the new tax credit?

The latest version of the credit still provides up to an $8,000 tax credit for first-time homebuyers. However, it also provides up to $6,500 for existing homeowners looking to trade up to a bigger primary residence and who have already lived in their current home for five years. This expands on the amount of home buyers who can now take advantage of the tax credit.

In addition, to qualify for the full credit, home buyers must have adjusted gross income of less than $125,000 or $225,000 for married couples filing jointly. Furthermore, the credit will only apply to homes sold for $800,000 or less.

For someone to be considered a first-time home buyer they have to have not owned a home ever or at least not in the past three years. They then will qualify for up to an $8,000 tax credit (any homes purchased below $80,000 will qualify for a credit of 10% of the purchase price). In addition, to qualify for the existing home owner tax credit, you must have owned and lived in the same home for the last five years and now be purchasing a new home to live in. In this case the tax credit would be $6,500.

If you fall into one of these two groups then you may qualify for a tax credit with the purchase of a new home.

For more information on home purchase loan or refinance programs for existing and potential home owners, please contact me  at (602)525-5565