Homebuyer Tax Credit Extension

Posted By on November 6, 2009

Good news! The homebuyer tax credit extension has been extended and expanded.

Several Congressmen & Senators have made it abundantly clear that this will be the final extension of the homebuyer tax credit.

The tax credit is both an extension of the current tax credit and an expansion.  Here are some basic highlights of the new tax credit:

 Who can get the tax credit? 

  • - Both first time and repeat buyers are eligible. First time buyers are people who have not owned a home for a period of three years prior to the purchase. First time buyers are eligible for up to $8,000 in credit.
  • - Existing homebuyers who have resided in their principal residence for at least 5 of the past 8 years and are looking to buy a new principal residence can qualify for up to $6,500 in credit.

 Effective dates:

  • - Homes purchased after the date the legislation is enacted but before May 1, 2010 are eligible. Home purchases subject to a binding sales contract signed prior to April 30, 2010 and closed prior to July 1, 2010 are also eligible.

 Is there a payback requirement?

  • - Not unless the homeowner sells the home within 3 years after the purchase.  

 What types of houses qualify?

  • - The homeowner must use the residence as their primary residence. Vacation homes do not qualify.
  • - The home must have a purchase price of less than $800,000 to qualify.
  • - Newly-constructed and resale (existing) homes qualify.
  • - Single family detached homes and townhomes and condominiums and manufactured homes qualify for the credit.

 What are the income limits?

  • - Single homebuyers must have a modified adjusted gross income of less than $145,000 in order to qualify.
  • - Married homebuyers filing a joint return cannot earn more than $245,000 combined.

For more information visit http://www.federalhousingtaxcredit.com/

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About the author

As the people behind Potterhill Homes, we have some pretty strong feelings about energy efficiency and green building. And we don't always agree! But we are commited to building a best homes we can and bringing you along on our journey to figure out exactly what that means! Thanks for checking out our site. My Google Profile+

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One Response to “Homebuyer Tax Credit Extension”

  1. Jake Lewis says:

    it is convenient to live in a Condominium if you are in a big city but i like big lawns and backyard gardens.:’~

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About Potterhill Homes

Cincinnati-based Potterhill Homes is a premier builder of affordable, environmentally friendly homes in Greater Cincinnati. Our homes are built with traditional Cincinnati architectural styles and are perfect for both urban infill and suburban development. To learn more about Potterhill Homes,visit www.potterhillhomes.com.


About the authors

As the people behind Potterhill Homes, we have some pretty strong feelings about energy efficiency and green building. And we don't always agree! But we are commited to building a best homes we can and bringing you along on our journey to figure out exactly what that means! Thanks for checking out our site. My Google Profile+