It’s official. President Barack Obama signed the bill that includes an extension and expansion of the popular First-Time-Home-Buyer tax credit. which will now include some move up buyers.
In the coming days, I will be discussing all of the details. In the mean time, here are the details I currently have.
The extension and expansion of the tax credit was included in an unemployement benefits bill that also includes assistance for businesses (HR 3548).
- The extension will continue until the end of April to have a COMPLETED CONTRACT. This means you do not have to close by the end of April, but at least have a mutually accepted contract between the buyer and seller.
- After the transaction has been mutually agreed upon by all parties, the transaction must be closed and finished by the end of June.
- The tax credit will remain at $8,000 for First-Time-Home-Buyers
- The income limits for the tax credit have been raised to $125,000 for single and $225,000 for married couples, expanding the credit to higher income buyers
- The bill also includes a $6,500 tax credit for Move-Up-Buyers, which I believe includes a provision that the Move-Up-Buyer have lived in their current resident for at least 5 of the last 8 years (I will confirm this later)
