Home Buyer Tax Credits: $8000 for first-timers extended and now $6500 for repeat buyers!!!

President Obama has signed legislation into law that extends the $8000 tax credit for first-time home buyers and also offers a $6500 tax credit for repeat buyers!

In order to qualify you must have a contract to purchase a home by April 30, 2010 and you must make settlement on your new home by June 30, 2010.

Here are the main highlights of the program:

• $8,000 for first-timers (have not owned a primary residence during the previous 3 years)
• $6,500 for repeat buyers (have lived in their current residence for five consecutive years out of the last eight year)
• The Income limits for the tax credit were also increased significantly. Now, individual tax filers making no more than $125,000 and joint filers making no more than $225,000 could take the full credit. The credit would decrease in value for people making more than those amounts, phasing out completely after $145,000 for singles and $245,000 for couples.
• Only homes sold at $800,000 or below qualify.

Married couples can't qualify for the first-time credit unless both of them are first-timers.

You claim the credit when you file your taxes for 2009.

If you are a first-time buyer who typically gets $1500 back from the government when you file your taxes, you could now be getting another $8,000. That would be $9,500 back to you on your tax return!

This is in addition to the other tax benefits that come with purchasing and owning a home!

Please contact George Maynes and The Maynes Team if you have any questions about this tax credit or if you would like any assistance with buying a home in the Philadelphia Area.

Visit www.TheMaynesTeam.com for more info on our services and the home buying process.