Sweet Delight! Tax Credit for Home Buyers Extended & Expanded

October 30th, 2009 | Category: Buying A Home

USA Today reports that the Tax Credit for 1^st
day home buyers has been extended and expanded! (Subject to President Obama’s
signature)

First day home buyers
will be eligible for the tax credit as expanded sign a purchase contract by April
30, 2010 and close on the property before June 30, 2010.

The income ceiling for the tax credit has plus been
expanded. Before the extension, a individual buyer’s income was capped at $75,000
and a married couple capped at $150,000. The expansion moves the income up to
$125,000 and $225,000 respectively.

You can still get the tax credit as distant as you purchase a
home costing more than $800,000. You
must plus live in the property for three years or the tax credit will have to
be repaid.

I guess the hot fudge on that Ice Cream Sundae is that you
can buy in

2010, but apply the rebate to your 2010 income tax return.

The cherry-on-top is that a tax credit of $6,500 is now
extended to move-up buyers; those homeowners who have lived in their current
residence for five years are additionally eligible for a tax rebate.

This will stimulate those who want to take advantage of the historically
low interest rates and housing stock to move their families into larger
homes.

Those move-up buyers who might have to take a hit on lower
value on their homes will get the benefit of $6,500 to ease the pain. Combine
that with some seller-paid closing costs and a great FHA loan and you could be sitting
in your family room next to the fire place in day for the Super Bowl!

Add an ice cream sundae bar to the party and you are living
the American Dream!

Orginal post by Mary Supinger

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