Tax Credit extended and expanded! PDF Print E-mail
Written by Steve Klemm   
Thursday, 05 November 2009 11:49

The federal tax credit, which initially was for first-time buyers only, has been extended and expanded to a new group of buyers.  It passed both the Senate and the House and has been signed by President Obama.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.  First-time homebuyers (anyone who hasn't owned a home in the last three years) would still get a 10% tax credit up to $8000. To qualify, buyers would have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.  Both deadlines would have to be met to qualify.

The credit is available for the purchase of principal homes only (no vacation or secondary homes) costing $800,000 or less. The income limits have also been raised to $125,000 for individuals and $225,000 for joint filers (it was $75,000 and $150,000 previously)

Military personnel (those serving outside the U.S. for at least 90 days) would get an extra year to take advantage of the tax credit; it would not expire until June 30, 2011.

This is a great opportunity for those buyers who were not able to take advantage of the tax credit during 2009.  If you have any questions or would like more information, please contact me at (217) 341-5274 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .