Tax credits are no longer just for first time homebuyers.
The homebuyer tax credit signed into law on November 6th not only extended the deadlines for homebuyers to take advantage of the opportunity, but it also expanded the pool of homebuyers eligible to benefit. It now applies to not just first time homebuyers, but also to some of those who already own a home and want to sell it and buy another.
The table below shows the basics of the program. Later posts will deal with specific questions relative to its implementation.
| Tax Credit Detail | 1st Time Homebuyer | Repeat Homebuyer |
| Maximum Credit | $8,000 | $6,500 |
| Qualifying Definition | No interest in a principal residence for the past 3 years | Has used the home being sold as their primary residence consecutively for 5 of the past 8 years |
| Effective Date | November 6, 2009 | November 6, 2009 |
| Contract Deadline | April 30, 2010 | April 30, 2010 |
| Closing Deadline | June 30, 2010 | June 30, 2010 |
| Required Occupancy Period | 3 years as primary residence | 3 years as primary residence |
| Maximum Home Cost | None | $800,000 |
| Income Limits | $125,000 – single $225,000 – married Phase out up to $145,000 or $245,000 | $125,000 – single $225,000 – married Phase out up to $145,000 or $245,000 |
| Proof of Purchase | Documentation attached to tax return | Documentation attached to tax return |
For more information on Bellingham Real Estate or to search for homes in the Bellingham and Whatcom County area visit www.JohnsonTeamRealEstate.com, your one stop Bellingham real estate and community information resource!
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Since the tax credit has been passed, I have seen an increase in potential buyers.
Today,potential buyers get increased due to tax credit has passed.
I really appreciate the hard work you had done here!! Thanks for the tabular information.
Tax credit for first time home buyers help a lot to real estate businesses. A sudden increase in home selling was brought by the emerging tax credit law and it’s really nice that this post provides a lot of information. Great blog! Keep it up!