The latest discussion in the ever-changing homebuyer credit extension is a credit worth up to $8,000 for first-time homebuyers and up to $6,500 for homeowners looking to trade up to a bigger primary residence and who have already lived in their current home for five years. To qualify for the full credit, homebuyers must have an adjusted gross income of less than $125,000 ($225,000 for married couples filing jointly).
Additionally, the credit would only apply to homes sold for $800,000 or less. Residential Purchase Agreements must be signed by April 30, 2010, and the deals must close by June 30 in order for a buyer to qualify for the credit. There are a few critics that say the program has been poorly targeted and therefore not cost-effective. They point to estimates that only 10% to 20% of the nearly 2 million homebuyers who will have gotten the credit by Nov. 30 bought solely because of the tax break.
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Tags: Credit
