The New Tax Credit – How Does It Compare
November 5th, 2009 // Categorized under: Real Estate News
It’s (almost) official! Congress has extended and expanded the homebuyer tax credit and President Obama is expected to sign the bill into law on Friday morning. The new bill offers incentives for first time buyers and repeat/move-up buyers. The following information is supplied to us from our friends, The Frensdorf Group at General Mortgage.
The most significant enhancements are:
- Extended until April 30th (must be in contract by 4/30/10 and close by 7/1/2010)
- No longer limited to first time homebuyers
- Income limits increased substantially
- Anti-fraud Rule - Buyer must supply documentation with tax return
Want to compare the new credit to the old credit side by side?
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