Chapel Hill and Durham NC Real Estate

Home buyer tax credit may be expanded and extended!

The Senate will consider a bill early this week proposing an Tax Credit extension and expansion due to expire November 30^th. The tax credit has been for first time buyers only and for $8000. This bill which is due to hit the Senate for a vote by November 3^rd will extend that deadline until April 30^th 2010 AND will add another tax credit for “move up” homebuyers. That credit will be up to $6500 IF that buyer has owned property within 5 of the last 8 years! And the income limits have been raised.

There are many homes in Chapel Hill and Durham available in the "move up" category! Don't miss this opportunity! We can set you up to receive regular instant MLS updates on houses as they come available. Email us or call us to discuss your criteria so we can best serve you, Or search on your own here.

See the details below:

First time buyers will continue at $8,000 -- same definition as current law.
Tax credit for “move up” purchasers will be up to $6500
- (Must have used previous home as a principal residence for 5 of the 8 previous years. )
Income limits increased and are the same for first time and “move up” buyers - $125,000 for single filers/$225,000 for joint filers
- (This is an increase from the previous First Time Buyer Tax Credit of $75,000 for singles and $150,000 for couples)
Limitation on eligible home prices has been increased to $800,000
Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in placeby April 30, 2010 and closing must take place by June 30^th.

Written By: lynnefeiss Date Posted: 11/1/2009 Number of Views: 323

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