A new $6500 Repeat Buyer Tax Credit has been added to the expanded First Time Homebuyer Tax Credit, and the time limit for both has been extended to April 2010. For both credits:

  • Income limits have been increased to $125,000 for single taxpayers, and $225,000 for married couples filing jointly.
  • Homes up to $800,000 qualify.
  • The tax credit does not have to be repaid.
  • Applies for purchases on or before April 30, 2010, or where a sales contact is signed by April 30th and the sales completes by June 30, 2010.

The Repeat Buyer Credit:

  • Is available to homeowners who have owned and lived in their homes for five out of the last eight years.
  • Is 10% of the purchase price of the new home, up to the $6500 limit.

The First Time Homebuyer Credit:

  • Is for people who have not owned a home in the last three years.
  • Is 10% of the purchase price of the home, up to the $8000 limit.

See more information and Frequently asked questions at the National Homebuilders’ site, Home Buyer Tax Credits.

Search for homes eligible for the tax credits on our website: HomeProCO.