On November 6, 2009, the President signed into law an extension and expansion of the $8,000 first-time homebuyer tax credit. Among other provisions, the extension adds money for certain move-up buyers (especially those who have lived in a house for five of the past seven years); creates one deadline for signing a contract and a later deadline for closing; changes income requirements (an increase from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000); and also limits the cost of a purchased home to $800,000.
Florida Realtors® President (2009) Cynthia Shelton notes that extending the buyer tax credit and expanding it to reach more homebuyers is the right thing to do, “as it’s critical to maintaining positive momentum in the housing market and in the overall economy.”
Link HERE to read more specific details about the extension/expansion. Then call me, and we'll talk about how the provisions of this law can work to your best advantage.
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