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eric1 · Posted: Fri Nov 13, 2009 10:02 am Post subject: First Time Home Buer Tax Credits

There are some recent changes to the first time home buyer tax credits.

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for 1st time home buyers and the $6,500 for people who have owned their home for 5 years or more and now upgrading, is the tax credit is 10% of the purchase price up to maximum of these amounts. For repeat buyers, the house price cannot exceed 800k.

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

some more facts:
1. It has been extended up to April 2010.
2. Also the income limit has been increased, for single buyers it is up to $125,000 and for married buyers it is up to $250,000.
3. It is not necessary for you to close before April, you can have tax credit if your closing date is before June 2010.

gmakerley · Posted: Wed Nov 18, 2009 9:50 am Post subject:

the loan closing date cannot be later than june 30, 2010. however, april 30 is a very important date also. a contract to purchase must be in place by april 30, 2010. if you sign a contract later than that, the credit will go *poof*

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First Time Home Buer Tax Credits