Thereâ€™s also good news for current homeowners, wishing to purchase a new or existing home between November 7, 2009 and April 30, 2010. If those current homeowners have used their home being sold or vacated as a principal residence for five consecutive years within the last eight, they are also eligible for up to a maximum $6,500 in tax credit.
Not only is the tax credit available on single family homes, but also on other primary residences such as condos, townhomes and co-ops purchased for $800,000 or less. As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close and still qualify for the credit. The credit does not have to be repaid if he/she occupies the home for three years or more. However, if the property is sold during the three year period, the full amount of credit will be recouped on the sale.
The above information should instill enough confidence in some of us to help us get off the fence weâ€™ve been sitting on. The buyersâ€™ market weâ€™re in right now wonâ€™t last forever and neither will the enticement of the Extended Home Buyer Tax Credit. Now, more than ever, is the time to consider that home youâ€™ve wanted or needed!