It's Official.. The $8000 Tax Credit Has Been Extended/Expanded!

Posted on November 6, 2009

It is finally official.  The $8000 Tax Credit has been extended and expanded!  President Obama put the finishing touches on the process with his signature today.  Numerous people  have been touching on this subject all week as the bill worked it's way through the House and Senate.  We were no different. We kept tabs on its status and blogged on it the past few days.  So for the sake of wrapping this up, lets list the details.

• $8000 Tax Credit is extended until April 30, 2010.
• If you enter into a contract before the deadline you will have until June 30th to close.
• New $6500 Tax Credit will be available for present homeowners.  The only catch is that you must have lived in your home for 5 consecutive years out of the last 8.
• The income limits were raised to $125,000 for single and $225,000 for married couples.
• $800,000 firm purchase price cap.

As always consult your tax advisor for tax details and how to claim this credit.  They also instituted a few alteration to how you claim it in order to fight off fraud.  You can also visit www.irs.gov for information.

Here is a link to an article on this subject at CNN.   Flat Branch Home Loans would love to help you purchase a home.  If you are interested in refinancing your home we can help with that too.  While they did expand this credit a bit, unfortunately it won't help in the refinacing department.  However, Mortgage Rates are at very low levels and considerable savings could be within your grasp.  Not a bad consolation!

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Flat Branch Home Loans, Inc.