Homebuyer Tax Credit Extended Until End of April 2010
November 9, 2009 - The first-time homebuyer's tax credit, assumed to expire at the end of November, has been extended with new provisions beginning November 6, 2009. The tax credit, which provides up to $8,000 to new homebuyers, will be available to those who sign sales agreements by April 30, 2010; they would only have until the end of June to close on their new homes.
In addition to extending the existing tax credit for first-time homebuyers, the legislation also offers a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. Importantly, there are also more lenient income restrictions to both credits, allowing more people to take advantage of the extension; those that are single filers with annual earnings below $125,000 and married couples with annual earnings less than $225,000 will be deemed eligible. Those seeking homes under $800,000 will also be able to qualify for the 20 week extension.