Homebuyer tax credit extended and expanded to include current homeowners!

Yesterday President Obama signed into law an extension and expansion of the homebuyer tax credit. The new legislation benefits both first time homebuyers and current homeowners who sell their current home and buy another home. Buyers must sign a contract before April 30, 2010 and close by June 30, 2010 to qualify for the tax credit.

FIRST TIME HOMEBUYERS
Even more first time home buyers can now qualify for the $8K credit with the income limit raised from $75K to $125K for individuals and from $150K to $225K for married couples.

CURRENT HOMEOWNERS
A new $6.5K tax credit is now available for current homeowners that sell their current home and purchase another for their primary residence. The homeowners must have resided in their current home for 5 consecutive years out of the past 8 years.

For more details on the tax credits, view the National Association of Realtors’ chart comparing the current tax credit features to the new tax credit features.