President Obama signed into law today an extension and expansion of the homebuyer tax credit. The $8,000 First-Time Homebuyer Tax Credit is extended until April 30, 2010. Buyers must be in contract by that date – but have until June 30 to close. Current homeowners who have lived in their home for 5 years can receive a $6,500 tax credit when they purchase another home. Income levels have been raised to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. There are requirements and limitations. The National Association of Realtors (NAR) published a chart which list the stipulations – NAR Tax Credit Brief.
These new guidelines will help many buyers on Long Island. All combined – the tax credits, reduced home prices, and historically low interest rates make the total cost of buying a home now the lowest it’s been in years – creating an incredible opportunity for you and your family.