Home Buyer Tax Credit
Extended and Expanded!

On November 6, 2009, Congress passed an extension on the Home Buyer Tax Credit bill that continues the $8,000 tax credit for first-time buyers and those who haven’t owned a home in three years. The bill also offers a tax credit of $6,500 for existing home owners. More details are listed below.

$8,000 First-time Home Buyer Tax Credit
• The $8,000 tax credit is for first-time home buyers and those who have not owned a principal residence for the last three years.
• The tax credit does not have to be repaid unless homeowner sells and moves in three years.
• The tax credit is equal to 10 percent of the home’s purchase price, not to exceed  $8,000.
• The tax credit applies to homes priced at $800,000 or less.
• Buyers must be under contract by April 30, 2010, and close no later than June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

$6,500 Move-Up / Repeat Home Buyer Tax Credit
• Buyers must have owned and lived in their home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless homeowner sells and moves in three years.
• The tax credit is equal to 10 percent of the home’s purchase price, not to exceed  $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• Buyers must be under contract by April 30, 2010, and close no later than June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

 For more information on the home buyer tax credit program, visit www.federalhousingtaxcredit.com or call Home Creations.