the key...
Realtor.org just posted a great explanation of the extended Home Buyer Tax Credit. As of today, there are now 123 days left to take advantage of this credit, which has been broadened to include current home owners who are purchasing a new or existing home.
In a nutshell:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. (from Realtor.org site)
The credit is dependent on the income of the buyers, and the cost of the home. See the article for details.
As long as there is a binding contract in place by April 30, 2010, the buyer is eligible to receive the credit, time-wise. Interest rates are very low now- hovering below 5%- but indications are that they will begin to rise in 2010.
If you have any questions about the implications of these conditions for YOU specifically, give me a call.
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This is a timely article useful amongst first time home buyers as they start the home buying process.