Congress has passed new legislation that extends the home buyer credit and also makes some significant improvements. Below is a recap of the new program:
- Extends the first time home buyer credit of up to $8000 ($4,000 married filing separate) to first time home buyers for binding contracts written by April 30, 2010 and closed by July 1 ,2010.
- Expands the credit to grant a $6500 credit ($3250 for married filing separate) to current home owners purchasing a new or existing home under $800,000 between the time the bill is signed by President Obama and April 30, 2010. Current home owner is defined as having used the home sold or being sold as a principle residence for 5 of the previous 8 years.
- Increased income limits for either program to $125,000 for single buyers and $225,000 for married filing jointly.
These are the main components of the programs but like all government programs there is additional fine print involved. Please contact your accountant for additional information.
This is a great opportunity for home buyers and coupled with today's interest rates makes buying even more attractive. If you are considering purchasing a home in the Greater Greenville area, please contact me.