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HOMEBUYER TAX CREDIT ELIGIBILITY EXPANDED .............................. ARE HISTORIC WINDOWS ENERGY EFFICIENT? .............................. HOMEBUYERS' CREDIT AVAILABLE UPFRONT .............................. RESCUE A RENTAL: MAKE A HOUSE YOUR HOME .............................. WHAT THE HECK IS "HECM"? .............................. HELP AVAILABLE FOR ELDERLY & DISABLED TO REMAIN IN HOME .............................. FIRST-TIME HOMEBUYERS CREDIT JUST GOT BETTER .............................. |
HOMEBUYER TAX CREDIT ELIGIBILITY EXPANDED / 02-08-10
The $8,000 Credit If you were locked out of the first-time homebuyer credit because you earned too much, there's good news. Now you can qualify for the full $8,000 first-tme homebuyer credit with a single income of up to $125,000 and married income of up to $225,000. Those who earn more will be phased out. The credit ends completely once single income exceeds $145,000 and married income exceeds $245,000. The $6,500 Credit The new law carves out an additional credit for homeowners. If you have owned and lived in a home for at least 5 consecutive years of the last 8 years, you could quality for a $6,500 tax credit if you buy a new home between now and April 30. The "five of eight" requirement means that this credit could accommodate people who lost their homes or even sold a house and did not immediately replace it. The credit also phases out for singles earning more than $125,000 and married couples earning more than $225,000. Consult with a tax professionals before banking on this credit. |