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Homebuyer Tax Credit

In an effort to stimulate the US housing market Congress passed legislation to extend and expand the homebuyer tax credit that was originally passed in spring of 2009. Not only can first-time homebuyers collect up to $8,000 in tax credits, existing home owners are eligible to collect $6,500 in tax credits.

These incentives are effective now through April 30, 2010 (must have an accepted offer by then and close by June 30, 2010).

Below are some of the key highlights:

  First time buyer Existing home owner
Amount of credit available Up to $8,000 or 10% of purchase price $6,500
Who is eligible May not have had an interest in a principal residence for 3 years prior to purchase Must have used current home for 5 of the last 8 years as principal residence
Expires Written and accepted offer by April 30, 2010 and close by June 30, 2010 Same
Income limits $125,000 - single person
$225,000 - married couple
Same
Cost of purchase limits None $800,000

For more information on either of these tax credits contact your tax advisor, Skogman Realty agent or Skogman Mortgage agent.

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