South Florida Real Estate News

President Obama Approves the Extension and
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:

• 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

Thanks for all you have done to help us extend and expand the federal homebuyer tax credit.


Jesse Acevedo, ABR, e-PRO
President, Realtor Association of Greater Fort Lauderdale, Inc.