Update on the new tax credit extension. After much work between lawmakers and the Real Estate Community they have decided to extend the tax credit to ensure our economic recovery.
However a few different things this time around...... Here are the bullet points:
~ Extended until April 30, 2010 (Home must be under contract by this date and closed by June 2010)
~ Eligible for first time homebuyers, homebuyers that have not owned a home in 3 years.
~ Additionally homebuyers that have owned a home for 5 consecutive years are eligible for a slightly smaller credit of up to $6500 that are replacing their principal residence.
~ Raises the income limitations for homeowners claiming the credit.
For more specific information you can check out the IRS Website link below.