There’s good news for home buyers seeking homes for sale in Orange County, and Real Estate in Irvine and other local cities should be affected. New legislation has extended and expanded the old “First Time Home Buyer Tax Credit” – it now applies to people who already own home as well. The picture of the chart from NAR has the details.
The Main Points
- First time buyers are people who have not owned a home in over 3 years
- Credit for first time buyers is $8,000
- Credit for current home owners is $6,500
- Current home owners must have lived in the home being sold for 5 consecutive years out of the last 8 years
- The income limits are increased to $125k/$225k single/married
- You must be under contract by April 30 and close escrow by July 1, 2010
Why not start searching for your Orange County home now?
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