Buying First Home
The $8,000 tax credit for home buyers signed into law by President Barack Obama which was first scheduled to expire in November of 2009 has now extended the deadline to April 30th, 2010. All contracts must be written out by April 30th, and the closings have to be done by June 30th, 2010.
What this means to the buyer is that the first time home buyers credit raises the income caps to $125K for an individual and $225K for a family so these buyers can apply for the $8,000 tax credit.
This Real Estate Tax Benefit doesn't just apply only to those Buying First Home but also for current home owners who haven't purchased a home within the past 3 years. Move-up buyers are now eligible if they have lived in the principal residence for a minimum of 5 years.
This credit applies to new home under $800K and benefits anyone in the public sector. With the affordability levels at an all time low since 1970 this is a perfect opportunity for those who rent, young couples and the move-up buyer.
This $8,000 tax credit not only helps home buyers but it helps the economy of America. There's a documented return to the local economy so this credit also generates revenue and creates jobs. This stimulus package gives a most needed positive impact in the local economy from every aspect.