The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.
First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
You might also want to take a look at the following informative video:
The video above offers a good wealth of information on the Housing Stimulus currently being offered by the government. Make sure that before you make any moves towards taking advantage of the housing stimulus that you speak with your financial expert and a lawyer to make sure that you have all your proverbial ducks in a row.
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