The $8,000 Taxpayer Credit has been extended to July 2010, as long as a buyer has a home under contract by April 30, 2010. An additional bonus to this act is the $6500 credit for buyers that have owned a home in the past. They must have used the home sold or being sold as the principal residence consecutively for 5 of the past 8 years. This is very exciting for the move up buyer. This is for families that are married and filing jointly. If they are filing seperately, the credit is reduced to $3250.
Income limits for the tax credit have increased from $75,000 (credit ending in 2009) to $125,000 for a single person and from $150,000 to $250,000 for married and the maximum purchase of a home to receive the credit is $800,000.
Take advantage of this opportunity. Money from the government, rates are low and prices are low. It’s a great time to buy a home in Atlanta.
