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Attention ALL Orange County Home Buyers - Tax Credit Expanded

Posted by Leslie Eskildsen on Friday, November 6th, 2009 at 1:18pm.

Great news came from Washington D.C. today for all Orange County Home Buyers.  The House approved a bill that would not only extend the current tax credit for first time home buyers, but also expand the benefit to additional home buyers too.  You can read the Washington Post article which also discusses other items included as part of the bill expected to be signed into law by the President shortly.  The main points for home buyers to note are:

New Home Buyer Program

  • $8,000 Tax Credit
  • Applies to buyers purchasing a home for the first time in three years
  • Sign a contract by April 30
  • Close by June 30

Additional Home Buyer Program

  • $6,500 Tax Credit
  • Applies to buyers who are buying a primary residence AND
  • Have owned their home for five consecutive years of the past eight
  • This program starts December 1 

Other Details

  • Home must be purchased for $800,000 or less
  • Restrictions apply for individuals who make more than $125,000 annually
  • Restrictions apply for couples who make more than $225,000 annually 
  • If you receive the credit and sell your home within three years, it has to be returned

This is great news for homebuyers, but Congress has indicated this is the last extension of the program.  Buyers are still under a timeframe, so for those looking for a home, you can search for Orange County Homes for Sale.  And, you can contact me with any questions you have, or if you come across a property you would like to learn more about. 

Happy Hunting - I would love to hear your thoughts on these tax credit updates and how it may change your home search.  Be sure to comment below!  

 

 

2 Responses to "Attention ALL Orange County Home Buyers - Tax Credit Expanded"

Why the Holidays are the Perfect Time to Sell Your Orange County Home wrote:
[...]folks starting new jobs in the New Year.2. Home Buyer Tax CreditThe expanded and improved Home Buyer Tax Credit has more buyers out now than ever before.  Many buyers held off buying in November as there[...]

Posted on Tuesday, November 17th, 2009 at 7:59 PM.

California 2010 Home Buyer Tax Credit Extended wrote:
[...]Want an even bigger credit?  Move fast!  Buyers who'd also like to take advantage of the Federal tax credit program as well need to be under contract by April 30, 2010.Up to a $10,000 Credit, No Income Restrictions[...]

Posted on Tuesday, March 30th, 2010 at 5:49 PM.


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