Buying Selling

First Time Homebuyers Tax Credit Extended and Improved

tax credit 2What does the bill that President Obama signed into law on Friday mean to you if you are a first time homebuyer?  It means that you did not miss out on the First Time Homebuyers Tax Credit and may be able to qualify for it now, even if you didn’t before.  Why?  Because the new First Time Homebuyers Tax Credit:

  • expanded the credit to higher income individuals and married couples,
  • expanded the credit to existing sellers who are looking to move up or downsize their primary residence as long as  they owned and occupied the residence for five consecutive years out of the previous eight,
  • extended the deadline until April 30, 2010 to be under contract as long as closing takes place by June 30, 2010