Kathy Wall

The First Time Home Buyer Tax Credit is Extended!
November 11, 2009 · Kathy Wall · 2 Comments

The $8,000 first time home buyer tax credit that was scheduled to be canceled as of November 30th has been extended, which is absolutely wonderful news for all of those potential home buyers who weren’t able to find their new homes before the deadline.   The new credit will be in effect until April 30, 2010.    Please note that home buyers will need to be in contract by that date, but will have up until July 1, 2010 to close the escrow (that’s when you actually own the home).    And, the new credit is even better than the previous one for the following reasons:

…The income limits have been raised so that now more people will qualify for the credit.   Previously, if you were a single person, you could only earn up to $75,000 and, as a married couple you could only earn $150,000.    Now, single people will still qualify if they make up to $125,000 and married couples will be able to receive it if they make up to $225,000.     And, those earning over these amounts may still qualify a credit, but for a lesser amount.          Read more