As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation. This is significant news, the Home Buyer Tax Credit Has Been Extended and Expanded. You have an even greater opportunity to purchase that new home you've been waiting for.
 

    * Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
    * Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010

 
         Who Qualifies?

    *  Those who haven't owned property in the last three years
    * Extends the existing $8,000 credit for first-time homebuyers through April 30, 2010
    * $6500 tax credit offered to homebuyers who have lived in their current residence      at least five consecutive years during the past eight years
    *  Income limits have increased to $125,000 per individual and $225,000 per married couple.
    * Tax credit not applicable for those buying homes worth more than $800,000.
    * For military personnel, the credit has been extended through December 1, 2010
    * Must be at least 18 years of age to claim credit
    * Those who sell their new home or stop using it as their main residence within three years would have to repay the credit

 
How is a Buyer's Credit Amount Determined?
   Each home buyer’s tax credit is determined by tow additional factors:

   1. The price of the home.
   2. The buyer's income.

 
 Types of Properties Are Eligible?
Eligible primary residences include single-family homes, townhomes,
condos and co-ops.
 

The Tax Credit Have To Be Repaid?
That depends. No, the buyer does not need to repay the tax credit, if he/she
occupies the home for three years or more. However, if the property is sold
during this three-year period, the full amount credit will be recouped upon sale.
 
 Deadlines:

    * Have until April 30, 2010, to enter into a contract for a home purchase
    * Have until June 30, 2010, to close on the purchase

Why wait? Take advantage of these time-sensitive opportunities before it’s too late.