Expanded Tax Credit for Home Buyers!

The home buyer tax credit is no longer just for first time home buyers! This past November, Congress expanded the tax credit to current homeowners who have lived in their homes for 5 consecutive years in the past 8 years. These homeowners may be eligible for a $6,500 tax credit. Detailed requirements are as follows:

-must have lived for 5 consecutive years (in the last 8 years) in their home

-the home must be under contract by April 30, 2010 and must close by July 1, 2010

-must make less than $245,000 / yr (married homeowners) or $145,000 / yr (single homeowners)

-sale price of the home must not exceed $800,000

-the tax credit does NOT need to be repaid IF the buyer occupies the home for 3 or more years following the purchase

This tax credit expansion is a great opportunity for homeowners to trade up, not only because of the tax incentive, but because rates are lower than they ever have been. 

The previous tax credit for first-time home buyers has also been extended through April 30,2010, and first time buyers can still expect to receive their $8,000 tax credit.

Information gathered from:
http://livemag.rismedia.com/wps/portal/ris/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os3iLkCAPEzcPIwN_d0tTA6OQYDPPAHN3Y39vE_2CbEdFAC55mX0!/
http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/