October 20, 2020

HOME BUYERS’ CREDITS . . . OLD AND NEW

The $8,000 first time home buyer tax credit has been extended.  Not only was the first time home buyer tax credit extended, a NEW $6,500 tax credit for existing homeowners who have lived in their homes for at least five of the last eight years was added to the legislation.   

The move-up market has been stalled and even though the first time home buyer market was helped along with the initial tax credit it was not enough to move the “middle” market.  This “middle” market desperately needed this new jump start. 

These tax credits will be available through June 30, 2010; however, Buyers who qualify for either of these credits MUST enter a binding contract before April 30, 2010.   The bill also increases the income cap to $125,000 for a single person and $250,000 for a couple.  And the credit is available for all homes purchased for $800,000 or less.

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