Homebuyer Tax Credit Extended

Summary of the main points of the extension:

* Income eligibility for home buyers increases to $125,000 for individuals and $225,000 for couples.

* The tax credit for first-time home buyers (anyone who has not owned in the last 3 years) will be the lesser of $8,000 or 10% of the purchase price.

* For move-up buyers – “who have lived in their current home for at least five years” – the credit would be limited to $6,500.

*The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)

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