Saturday, November 7, 2009

First Time Home Buyer Program Extended

Congress has passed and President Obama signed an extension of the first time home buyer program. Originally scheduled to end on November 20, 2009, the new program becomes effective December 1st and will end April 20, 2010.

A couple of important changes to the new extension...
  1. Current homeowners are eligible for up to $6500 tax credit.

  2. The home sold or being sold must have been used as a primary residence for consecutively for 5 of the previous 8 years. Thus the opportunity for buyers to take advantage of the lower prices and get the credit!

  3. Purchases must be made (contract signed off) by April 30, 2010 although closing does not have to occur until July 1, 2010. Limitation on the cost of purchased home will be $800,000.

  4. Documentation of purchase will have to be attached to tax returns.

  5. Income limits increased to $125,000 (single), $225,000 (married).

For information on purchasing your new Brevard County, Florida home, call me at 321-693-3850 or email

© Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.