Housing Tax Credit Extended
It's official, the $8000 Tax Credit for First Time Home Buyers has Been Extended & New $6500 Tax Credit for Current Homeowners Enacted
The Federal Government's Worker, Home ownership, and Business Assistance Act of 2009 was signed into law on Nov. 6, 2009 and has extended the 10%, up to $8000 tax credit for qualified first time home buyers purchasing a principal residence
This act also creates a tax credit of up to $6,500 for repeat home buyers that meet certain criteria.
The first time buyer tax credit applies to qualified sales that occur between January 1, 2009 and April 30, 2010,however,if you have signed a home purchase contract on or before April 30, 2010, you will have until June 30, 2010 to close.
Income limits for this program have been raised from $75,000 to $125,000 for single taxpayers and from $150,000 to $225,000 for tax payers filing joint returns. Qualified move-up or repeat home buyers purchasing a home are eligible to claim this credit when purchasing a principal residence after November 6, 2009 and on or before April 30, 2010
This Federal Act is a positive step to help in the recovery of the housing market but we still have a long way to go. It is important to note that a person's credit history is now being scrutinized more closely than ever and many perspective home buyers will be unable to qualify under the current stringent credit requirements. Consumers who have been tempted by easy credit are now finding it difficult to meet the obligations of that easy credit. The current economic conditions are bringing things back into perspective. We must return to the basics and focus on our priorities. Home ownership has always and will always be an important part of a secure future for most Americans. We all need to take a close look at our personal use of credit so that we might use it only as a tool to a secure future. Remember, home ownership provides shelter, security, comfort, and accumulation of wealth. For most Americans it is the largest and most valuable investment that we will ever make. It IS the American dream.
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