Central Street Neighbors Association

Home buyer tax credit time period has been extended and current homeowners are also elebilbe
Here are the details:
1. The $8,000 tax credit is available to “First Time” Home Buyers who haven’t owned a primary residence in the past three years (0r $4,000 to married buyers filing separately).

2. NEW! A $6,500 tax credit is available to Current Home Owners who have lived in their primary residence for 5 of the last 8 years. (Or $3,200 for married buyers filing separately).

3. Income level INCREASED! Available to buyers with an adjusted gross income of $125K (for single purchasers) or $225K (for purchasers filing jointly). The credit is phased out for incomes over these amounts.

4. CHANGED! Tax credit now expires on April 30th, 2010. That means your home purchase has to be in contract by April 30th and will need to close by July 1, 2010. That opens the door for many short sales which can take months to close!

5. MAKES SENSE. Cost of purchased home must be less than $800,000.

6. AGAIN.The $ is a CREDIT. For example, if buyers owe the IRS Zero, they will get a check for $8,000 (or $6,500) from the IRS. Very sweet.