It’s Official – The First-Time Tax Credit has been Extended

Here are the details:

WHO QUALIFIES

First-time home buyers are eligible for up to $8,000 tax credit and move-up buyers who have owned their home, as their primary residence, for the past 5 consecutive years are eligible for a reduced credit of up to $6,500.

INCOME RESTRICTIONS

The income limits have been raised.  Individuals whose incomes are $125,000 or below, and families earning less than $225,000

MAXIMUM PURCHASE PRICE

$800,000

EXTENDED UNTIL

Must be under contract by April 30, 2010 and settle before June 30, 2010.

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