iTexas Realty Co. Blog: EXPANSION & EXTENSION of the TAX CREDIT

Effective immediately, with the President signing the bill to extend and expand the tax credit for home buyers, many more Homebuyers closing after November 7, 2009 (but before July 1, 2010), will potentially qualify for a tax credit. 

There are conditions and exclusions (of course), but this new law will be effective for many more San Antonio, Texas Homebuyers.

The main points are-

• The maximum $8,000 "First-Time Buyer" credit remains the same ($4,000 for single or married filing separately).
• Income limits (maximum to qualify for the credit) have been RAISED to $225,000 (married) or $125,000 (single).
• Purchase price now CAPPED at $800,000.
• The BIG NEWS is that the credit is no longer just for "First-Time Buyers", it will now extend to Current Homeowners who are selling in order to purchase a home.  The "new" home must be 'under contract" by April 30, 2010 and CLOSE on or before July 1, 2010. The maximum credit is $6500.
• Sellers buying a 'new' home do not have to buy a higher priced home, than the one that they have sold.

Link to Q and A from the National Association of Realtors (NAR)