Homebuyer Tax Credit Extended, Expanded

The homebuyers' tax credit has been extended to April 30, 2010.

The extension is part of a $24 billion economic stimulus bill signed November 6. 

The bill extends the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to other homeowners who have lived in their current home for at least five years. 

Another modification to the original legislation raises the income limits for program participation from $75,000 for a single purchaser to $125,000 and from $125,000 to $225,000 for a couple.  There are also credits available on a diminishing basis above those income limits.

Carl Trawick

Access E Mortgage

Phone: (904) 343-1145

Fax: (904) 207-7698

ctrawick@nefcom.net