After much anticipation, it has finally happened. Yesterday President Obama signed the new tax credit bill.
One of my power partners, Wendy Landis at C & F Mortgage has provided the following information:
Here are a few of the highlights:
· First-time homebuyers will continue at $8,000
· Tax credit for “move up” purchasers will be up to $6,500
o Must have used previous home as a principal residence for 5 consecutive years of the previous 8.
· Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers
· Limitation on eligible home prices has been increased to $800,000
· Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
· Anti-fraud measures have been added. If you have any questions or need more details, please don't hesitate to contact us at Classic Real Estate!