There was a lot of speculation about what was going to happen when the first time homebuyer tax credit expired on November 30, 2009. Good news for first time homebuyers and existing homeowners – the homebuyer credit will continue and will be expanded to include more potential homebuyers. Here are the highlights:
- New Purchase Deadline Extends into 2010: Purchases must close by 6/30/10.
- Existing Homeowners May Qualify: Current homeowners who have owned a principal residence for 5+ years are eligible.
- First Time Home Buyers Will Receive Largest Credits: Buyer credit for first timers is still $8,000 or 10% of purchase price, whichever is less.
- Income Guidelines Expanded: More high income buyers will qualify, thanks to increased ranges.
- Read the full list of 10 Things to Know here.
At Built By Adams, we are excited to see the buyer credit extended and expanded to include existing homeowners. Many of our repeat clients have been looking to upgrade or downsize, and this credit will help make that dream a reality. So start checking out home plans and contact Built By Adams today to set up an appointment!