The updated and extended tax credit for first-time home buyers and current homeowners is slated to expire in less than three months. Here’s a recap of the details:
|
Feature |
Original Program |
Extension |
|
Deadline |
Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30) |
The measure is written differently so that a sales contract must be in place by April 30, 2010 – but homeowners have an additional 60 days to close.
|
|
Dollar Amount and Eligibility |
Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 – Dec. 1, 2009
A FTHB was defined as someone who had not owned a home during the previous three years |
Up to $8,000 for first-time home buyers – OR –
$6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property
|
|
Income Cap |
$75,000 (individual) $150,000 (married couples)
|
$125,000 (individual) $225,000 (married couples)
Increases in the cap make the measure available to a broader group of customers. |
|
Purchase Price |
N/A |
$800,000 or less |
|
Repayment requirement |
Must live in home for 3 years or be required to repay the credit |
Same |
|
|
|
|
If you’re thinking about buying a home in Orange County this year and you might qualify for the credit – don’t delay! You need to be under contract in less than 90 days, and close 60 days after that. With all the Short Sales in today’s Orange County Real Estate market, you need to act now to put yourself in position to get the tax credit.
Originally Posted at Orange County Real Estate
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