First time Steamboat Homebuyers got an early Christmas present from Uncle Sam last week. President Obama has signed the bill that extends and expands the First Time Homebuyer Tax Credit of $8,000. The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.
In order to qualify, the purchase contract will need to be signed by April 30, 2010 and then close by June 30, 2010. Also, homebuyers that have lived in their prior residence for at least five years may receive a credit of $6,500. In addition, the income limits have been increased to $225,000 for couples and $125,000 for individuals. We have seen a lot of people take advantage of this credit and are excited to see more first time homebuyers enter our housing market.
If you are interested in taking advantage of this great opportunity, contact your Prudential Steamboat Realty broker today at 970-879-8100 or via email.
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