New Home Buyer Tax Credits
On Friday, Nov. 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law. It provides great opportunities for home buyers who may have missed the Nov. 30 deadline or who may not have qualified before:
NAHB's consumer Web site www.federalhousingtaxcredit.com has been updated, providing eligibility requirements and answers to the questions most frequently asked by potential home buyers. It has attracted more than 6 million visits to date!
- Extends the deadline for the tax credit of up to $8,000 for qualified first-time home buyers to April 30, 2010 (homes with a signed sales contract that close by June 30, 2010 will also be eligible).
- Creates a new tax credit of up to $6,500 for qualified repeat home buyers.
- Increases the income limits to $125,000 for single tax filers and $225,000 for married couples filing jointly, with partial credits available to qualified buyers with incomes up to $145,000 and $225,000.
Don't wait—sales contracts must be signed or homes purchased within the next 5-˝ months!
