Home Buyer Tax Credit Extended and Expanded

Good news for home buyers!  The Federal income tax credit for home buyers has been extended and expanded. 

First time buyers (people who have not owned a property in the past 3 years, and who make less than $125,000 single or $225,000 married) may buy a home (up to $800,000) and earn an income tax credit ($4,000 single or $8,000 married).  However, there is a time limit on this program:  you must purchase the home before April 30, 2010, and close escrow before July 1, 2010.

The income tax credit is now also available to homeowners who wish to trade up from their current home to a more expensive one. Trade up buyers are eligible for an income tax credit ($3,250 single, or $6,500 married).  Same price limits and income limits apply.

For more information, contact your lender.