We received great news last week regarding the tax credits for purchasing a home. The 1st time homebuyer tax credit has been extended. Along with that, the government has issued a new tax credit for current homeowners. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
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Additional Information:
Fact Sheet from The National Association of REALTORS (NAR)
Frequently Asked Questions
In-Depth: 2009 First-Time Home Buyer Tax Credit
The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.
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