As has been speculated these past few weeks, Congress has pass, and President Obama has signed, the new Homebuyer Tax Credit! This new provision has two new important components.
First, it allows CURRENT homeowners who have lived in their homes as a principal residence consecutively for 5 of the past 8 years to qualify for a $6500 credit ($3250 married filing separate) on the purchase of their new home. First time home buyers will still have an $8,000 credit to purchase a home.
The second new provision is that the income limits have been raised from $75,000 (single) to $125,000, and $150,000 (married) to $225,000. These new provisions don’t take effect until December 1, 2009. They will last until April 30, 2010. If you have a valid contract on April 30, 2010, you will have until July 1, 2010 to close.
See the chart for more detailed changes: Homebuyer Tax Credit Changes
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