The extension to the tax credit bill that I wrote about last week is official. Below are some changes to the prior blog.
The tax credit is available for principal homes costing $800,000 or less. This precludes vacation homes and investors from the mix of prospective buyers. If the property is kept for more than three years, they do not have to pay it back. First time homebuyers are eligible for $8000 while qualified, existing homeowners can receive a $6500 tax credit. Buyers in either group have to sign a purchase agreement by April 30, 2010 and close by June 30, 2010.
An additional feature allows for active military who are serving outside the US (for 90 days) have an additional year to apply for the tax credit.
Advertisement
