President Obama Approves the Extension and
Expansion of the Homebuyer Tax Credit
Extends timeline; Raises Income Limit
Expansion of the Homebuyer Tax Credit
Extends timeline; Raises Income Limit
It's a done deal! President Obama has officially signed the bill that includes the extension and expansion of the homebuyer tax credit. Here are the details:
Jesse Acevedo, ABR, e-PRO
President, Realtor Association of Greater Fort Lauderdale, Inc.
- Provides an $8,000 tax credit to first time homebuyers
- Provides a $6,500 tax credit for repeat purchasers (those who have used previous home as principal residence for 5-8 previous years)
- Sets income limits at $125,000 for single filers and $225,000 for joint filers.
- Makes the credit available until April 30, 2010, with a 60-day extension if binding contract is in place by April 30, 2010.
- Purchase price of home must not exceed $800,000
Jesse Acevedo, ABR, e-PRO
President, Realtor Association of Greater Fort Lauderdale, Inc.
