Homebuyer Tax Credit Has Been Extended and Expanded for Suffolk

The Homebuyer Tax Credit has extended and expanded for Suffolk residents. It has been extended to include current homeowners. The following are features of the new bill:

•·Deadline for current credit is November 30, 2009.

•·Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.

•·Eligibility and amount of new credit:

•-$8,000 for first-time homebuyers (those who have not owned a home in the last three years).

•-Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a

principal residence for five consecutive years in the past eight.

•·Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.

•·Homes valued at more than $800,000 are also ineligible.

The pool of eligible buyers will increase and the program will be in place through the first half of 2010. This is a very positive event for home buying and the Real Estate industry!

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