First Time Home Buyers, Step Up & Repeat Home Buyers Tax Credits

The First Time Home Buyers tax credit has been extended for another 7 months reaching now into 2010 and in addition a $6,500 Repeat Home Buyers Tax Credit is now available as well.

Furthermore the eligible income levels have been raised to prompt some prospective buyers that have stayed on the sidelines to take the plunge into homeownership.

Bill Details:
The new legislation extends the existing $8,000 first-time homebuyer credit beyond its scheduled Nov. 30 expiration date and to July 2010. A $6,500 credit also will be offered to existing homeowners who sell their current property and purchase a primary residence that costs $800,000 or less. To be eligible for the tax break, homebuyers would have to be under contract by April 30, 2010, with closings wrapped up no later than 60 days after that.

Income limits for the credit would increase to $125,000 for individuals and $225,000 for couples. Homebuyers who qualify must stay in their new homes for at least three years or they will have to repay the credit.

Let's see if this is going to help potential Westchester County home buyers which have been excluded in the past from tax breaks because of their income situation...

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