$8000 Tax Credit Extension is Approved

6 11 2009

Grand Rapids Real Estate Market Update

$8000 first Time Home Buyer Tax Credit Extension The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. This current extension does have a few changes, for the better in my opinion. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.

Many people have used this tax credit to help with their home purchase and it has helped the market recover, so this latest extension is welcome. Here is a list of Tax Credit Highlights.

For more information about the Grand Rapids real estate market, visit my website at GRRealEstateInfo.com or contact me any time.

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2 responses

24 11 2009
Eric Bouler

I think this new credit will have more effect. Just a feeling that I have. Hope all is well where it must now be winter. See Ya.

5 02 2010
Awareness Home Funding

The tax credits are a huge benefit to home buyers and our clients are taking advantage. Another plus is the Mortgage Credit Certificate (MCC) program that offers first time home buyers a 20% tax credit on the interest paid. While this program is only for first time buyers it is on on-going program that will continue to help when the other program ends.

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