President Barack Obama has signed into law, HR 3548, the Worker,
Homeownership and Business Assistance Act of 2009. The bill extends the present
$8,000 tax credit for first-time homebuyers through
April 30, 2010.
First-time buyers can claim a credit worth $8,000 - or 10% of the
home's value, whichever is less.
Current Homeowners may qualify for a $6500 credit!
To qualify for the credit:
• The purchase must be under contract by
April 30, 2010 and close by
June 30th 2010.
• Buyers may not have owned a home (that was their primary residence) for the past
three years to qualify as "A first time" buyer.
• No requirement for repayment if the home is sold within the first 3 years.
• Buyers must make less than to $125,000 for single buyers and $225,000 for couples.
• Homebuyers who already own or have sold a home that was their principal residence
for five consecutive years in the past eight years are eligible for a $6,500 credit.
• The credit is refundable, meaning tax filers see a refund of the full $8,000 even if
their total tax bill - the amount of withholding they paid during the year plus
anything extra they had to pony up when they filed their returns - was less than that
amount.
• For complete details go to
www.federalhousingtaxcredit.com/home.html