As I have written over the pass several weeks the Homebuyers Tax Credit jumped its last hurdle yesterday, as both the House and Senate have passed the bill and it now awaits President Obama’s signature, expected today or tomorrow. While this has been expected to happen for a while and we have heard many different things, let’s go over details.
For First Time Homebuyers or those who have not owned a home within 3 years, the tax credit remains at $4,000 for singles and $8,000 for couples, with income restrictions maxing out at $125,000 and $225,000 respectively.
Current homeowners-those defined as having owned a home for five of the previous eight years-can now take advantage of a credit, with slightly lesser amounts of $3,250 for singles and $6,500 for couples, with income restrictions the same as described above.
To qualify for the new program, purchase agreements need to be signed by April 30th and close by June 30th. For those in our armed forces, persons stationed outside of the United States on official duty for 90 days during the period of January 1st 2009 and before May 1st 2010 will have the eligibility extended for binding contracts signed before May 1st 2011 and closed before July 1st, 2011.
For First Time Homebuyers or those who have not owned a home within 3 years, the tax credit remains at $4,000 for singles and $8,000 for couples, with income restrictions maxing out at $125,000 and $225,000 respectively.
Current homeowners-those defined as having owned a home for five of the previous eight years-can now take advantage of a credit, with slightly lesser amounts of $3,250 for singles and $6,500 for couples, with income restrictions the same as described above.
To qualify for the new program, purchase agreements need to be signed by April 30th and close by June 30th. For those in our armed forces, persons stationed outside of the United States on official duty for 90 days during the period of January 1st 2009 and before May 1st 2010 will have the eligibility extended for binding contracts signed before May 1st 2011 and closed before July 1st, 2011.