The Federal Tax Credit Has Been Extended

It’s official. President Obama has signed the billed to extend the federal $8,000 Homebuyer Tax Credit and added a $6500 tax credit for repeat home buyers. The $8,000 tax credit stipulations remain the same. The $6500 repeat home buyer tax credit is for homeowners who have lived in their home for 5 years. There is no minimum salary requirement but there is a maximum salary of $125,000 per year for a single person or $250,000 per year for married couples. The credit is applicable for homes priced under $800,000. New homebuyers and repeat home buyers now have until April 30, 2010 to write a contract on a new home and until July 1, 2009 to close on the new home.