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Tax Credit extened and EXPANDED!!

It is official... the Tax credit was extended... Below is a chart to explain the deadlines and requirements.. Hope you find it helpfull!!

Feature Original Program Extension
Deadline Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30) The measure is written differently so that a sales contract must be in place by April 30, 2010 - but homeowners have an additional 60 days to close.
Dollar Amount and Eligibility Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 - Dec. 1, 2009 A FTHB was defined as someone who had not owned a home during the previous three years Up to $8,000 for first-time home buyers

- OR - $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property
Income Cap $75,000 (individual) $150,000 (married couples) $125,000 (individual) $225,000 (married couples) Increases in the cap make the measure available to a broader group of customers.
Purchase Price N/A $800,000 or less
Repayment requirement Must live in home for 3 years or be required to repay the credit Same
Documentation to be used The actual form needed to request the tax credit Documentation requirements and process still TBD.

Posted Saturday Nov 07