Congress has extended and expanded the homebuyer tax credit. The modifications will become effective when President Obama signs the bill, which could occur as early as November 6, 2009.
I have received numerous emails and comments from readers who asked for me to report the changes to the First Time Homebuyers Tax Credit when they occurred, and the changes most likely will occur immediately. This post will review the changes and enhancements so you should be able to understand the new housing tax credit.
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The Obama Administration Says Buy A Home
Buy a house and you can take part in the Obama Stimulus plan. The Obama train is printing wheelbarrow loads of money for everybody who wants to buy a home now, not just first timers! So, how does this all work?
The $8,000 homebuyer tax credit for first-time buyers, due to expire November 30, 2009, will be extended through June 30, 2010. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, roughly a $55,000 increase above the level in existing law.
For the first time, the new legislation states that buyers who already own a home are eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.
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Download Home Buyer Tax Credit Changes Flyer
In order to provide a means to simplify and identify the new additions and changes to the program, we have prepared a one-page flyer that explains the features of both the old and the new programs, and provides the guidance and limitations for each.
This flyer will be updated should any of the programs change in the future, so please check back here from time to time to make sure you do not miss any of the updates.
The flyer will also be available for download in the right sidebar of the Tallahassee Real Estate Blog, under the section titled “First Time Home Buyers“.
Remember, we love your feedback, so please comment below and let us know what you think of this flyer and what you think of this new Home Buyer Tax Credit. Are you heading out to get your wheelbarrow?
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