Good news for homebuyers. The federal government’s first-time homebuyers’ tax credit program has been extended. And, even better, expanded.
From Holden Lewis and his Mortgage Matters column at Bankrate.com:
The measure defines a new category of first-time homebuyers. Now that definition includes people who have owned the current homes for at least five years. You have to have lived in it as your primary residence for five consecutive years in the last eight years.
If you’re a current homeowner who fits the above definition, you can claim a tax credit of up to $6,500 when you buy and move into another primary home. This tax credit will go into effect when the president signs the measure, or possibly the day after. There had been previous reports that this “step-up homebuyer” tax credit would go into effect beginning Dec. 1, but that appears to be untrue.
Related posts:
- Don’t count on the homebuyers’ tax credit program to be extended
- Senate Democrats propose extending, expanding homebuyer credit program
- Did tax credit program increase Boston home sales? Maybe.
- New Fannie Mae guidelines bring added headaches to homebuyers
- How do I qualify for the first-time homebuyer tax credit?
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