Homebuyer Tax Credit Extended and Expanded!

Congress has just passed legislation to extend the Home Buyer Tax Credit for first-time home buyers.  This amount will continue to be 10% of the purchase price with a limit of $8000. 

Also, an existing home owner can claim a NEW $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.

I will be providing more details in another blog very soon.  CLICK HERE for a press release from the National Association of Home Builders.