The Home Buyer Tax Credit Simplified

The $8,000 homebuyer tax credit for first-time buyers, due to expire on November 30, has been extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687

Related Articles:
Expanded First-Time Home Buyer Tax Credit Becomes Law
Why Now is the time to Buy!
Market Watch – Things Are Looking Up!

Visit my website, http://www.ncrealestateweb.com/, for more relevant information about the North Carolina Real Estate Market.

Copyright © 2009 By David C Recker, OurTeamBlog.com. All Rights Reserved. * The Home Buyer Tax Credit Simplified*