First Time Home Buyer Tax Credit Extension. Has the Tax Credit Been Passed?

Did the First Time Home Buyer Tax Credit Get Extended??

Yes!!!

The 2009 First Time Home Buyer Tax Credit has now officially been extended!! Yay! For a while, many people kept saying it had been passed when it was approved by the Senate, and then again when it was approved by the House. However, until it was signed by the big guy in the white house, it was not official.

President Obama signed the tax credit extension on Friday, November 6th, 2009!

What exactly does this mean?

• First Time Home Buyers now have until April 30th, 2010 to purchase a home and receive the $8,000 tax credit
• Current home owners are now eligible for up to $6,500 when purchasing a home up until April 30th
• Current home owner eligibility is based on the current home owners having used the home they sold as a primary residence for at least 5 consecutive years out of the last 8
• If a signed and executed contract is made effective before April 30th, 2010, home buyers will actually have up until July 1st, 2010 to close
• Single people making up to $125,000 (raised from $75,000) and couples that earn up to $225,000 (up from $150,000) are eligible for the first time home buyer tax credit

One great website to check out to answer your questions for both the $8,000 tax credit as well as the $6,500 tax credit is FederalHousingTaxCredit.com.

Another great piece to sum up the new First Time Home Buyer Tax Credit Extension is this .PDF document from the National Association of Realtors: NAR TAX BRIEF.

Happy House Hunting Home Buyers!! :)