First Time Homebuyers and Repeat Buyers Home Tax Credit of 2010

Last week, the president signed a bill that included a new tax credit for both first-time and repeat homebuyers. The new tax credit is an improvement over the previous version, which was only available to first-time buyers and was set to expire on Nov. 30.

Some of the key enhancements include:

  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
  • Current homeowners are eligible for a $6,500 tax credit through April 30, as long as they have lived in the home they are selling or have sold as a principal residence for five consecutive years out of the last eight years.
  • Time has been added to allow for closing the home purchase. As long as buyers have a binding contract by April 30, they will then have until June 30, 2010, to close the transaction.
  • Income limits for eligible buyers were increased to $125,000 for single buyers and $225,000 for couples.
  • Credit not applicable for pruchases greater than $800,000

The passing of this legislation is very positive news for anyone looking to buy or sell a home. Both first-time and move-up buyers can now take advantage of the new tax credit in addition to today’s historically low interest rates.This has GREAT potential for all homeowners and buyers.

For Frequently Asked Questions About the Bill prepared by the Realtor Action Center.

You can download a brief overview of the credit also from the Realtor Political Action Center.

For Frequently Asked Questions about the Move Up Repeat Buyers Tax Credit from Federal Housing Tax Credit Website

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

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