Obama signs Homebuyer tax credit bill extension

Obama signs Homebuyer tax credit bill extension

President Obama signed an extension of the $8,000 tax credit for first-time buyers. The extension adds money for some move-up buyers.

The maximum tax credit remains $8,000. Anyone who has not owned a home within three years is considered a first-time buyer. Your purchase must be under contract by April 30, 2010. Your purchase must close no later than June 30, 2010.

After Dec. 1, 2009, income limits are $125,000 for singles and $225,000 for married couples.

The maximum home value purchased cannot exceed $800,000.

An existing homeowner who purchases a home may now claim a tax credit of up to $6,500. You must have owned and used the same home as your primary residence for any consecutive five-year period in the previous eight years. Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.

Florida homeowners who have a homestead exemption qualify for property tax portability.

First-time Florida homebuyers are eligible for interest-free bridge loans from the State of Florida to use tax credit money for down payment and closing costs. Once they receive their tax credit money back from the IRS, they repay their loans to the state.

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