Tax Credit Extension - First Time Home Buyers and Primary Residence Buyers

It's a done deal. Friday, November 6, 2009, President Obama signed a bill extending the $8000 tax credit for first-time home buyers who qualify, through June 2010. It also provides a $6,500 credit for current homeowners who want to buy a primary residence.

Residents of Clay County, Duval County and St. Johns County have a great opportunity to buy a new home with low interest rates and great prices on homes for sale.

First Time Home buyers:

1. First Time Home buyers are eligible who meet criteria outlined below.

2. Must sign a contract by April 30, 2010.

3. Must close by June 30, 2010.

Current Homeowners:

1. Current homeowners who wish to buy a primary residence are eligible if they meet certain criteria outlined below.

2. They must have lived in their residence 5 out of the last 8 years.

3. They are eligible for a $6,500 tax credit.

Criteria for eligibility:

1. Single filing taxpayers have income limit of $125,000 to receive entire credit. Up to $145,000 income receive partial credit. Above $145,000 income, no credit.

2. Joint filing taxpayers are eligible up to $225,000 income. Up to $245,000 income is a partial credit and above $245,000 income is no credit.