Read All About it- The Home Tax Credit Extended

January 9, 2010

By Dustin Falling on January 1, 2010

President Obama has recently signed an extension on the first time home buyers tax credit and also has added a credit for existing home owners to purchase.  This is great news for our economy.   In a nut shell here is the numbers and deadlines.

For a first time home buyer who have not owned a home in the last three years can receive  ten percent of the home sale price or $8,000, which ever is less.

Now if you are a current home owner who has owned a home for five consecutive years in the pervious eight you are eligible for tax credit of ten percent of the home sales price or $6,500, which ever is less.

You must close on your home or at least have a written binding contract to purchase a home by April, 30, 2010.  If you have the contract by this date you must have the home project closed by July 1, 2010.

 Finally, great news for all homeowners.  There are some other eligibility details  and I recommend you research it further.

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