home buyer tax credits and tax credit loan programs

Real Estate address1st time credit till 4-30-10

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed and President Obama has signed new legislation that: •Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. •Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

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FHA PROGRAMS 

Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President's Podcast: Tax Credit Extended (Nov. 5) 

Who Qualifies for the Extended Credit?
•First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
•Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or 
vacated as a principal residence for five consecutive years within the last eight. 
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three 
years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and the date the bill is signed by President Obama, 
please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, 
townhomes, and co-ops.

How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:

1.The price of the home. 
2.The buyer's income. 
Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009,  single buyers with incomes up 
to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.













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