Homebuyer Tax Credit Extended!

President Obama signed an extension and expansion of the first-time homebuyers tax credit today!

The $8,000 credit was scheduled to expire on December 1st, but will now be in effect through the end of June 2010. Homebuyers must sign a contract before April 30 and close by June 30 2010 to qualify. The income limits were also raised. Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000. This is great news for Los Angeles Residents whose incomes are above the national average.

This new bill also made more homeowners eligible to claim the credit on their taxes.

First Time Buyers Those who have not owned a home in the past three years still qualify for an $8,000 rebate. But now people who want to trade up can also qualify.

Non First Time Buyers Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

We hope to see more clients benefit from this extension and modification!