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First Time Home Buyers Tax Credit Has been extended and now a tax Credit Available for Current homeowners

The American Recovery and Reinvestment Act of 2009, which includes a tax credit for first time home buyers that are qualifying taxpayers has now been extended on November 6th, 2009  to April 30th, 2010 and now offers a tax credit to current home owners. Some of the tax credit details are:

First Time Home Buyers:

• You must be a first time home buyer purchasing a principal residence who has not owned a principal residence in the three years prior to the purchase date.
• The tax credit does not have to be repaid if the home remains your main residence for 36 months from the purchase date.
• You must purchase a home between January 1st, 2009 and April 30th, 2010 to qualify.
• You can claim a tax credit of 10% of the purchase price up to $8,000.
• The amount of the credit phases out for taxpayers whose adjusted gross income is more than $125,000 for single tax payers or $225,000 for joint filers for a purchase of a home after November 6th, 2009.

The Extended 2009 tax credit for first time home buyers differs from the prior tax credit. The new law expands the deadline in purchasing a home from December 1st, 2009 to April 30th, 2010. Also the adjusted gross income cut off has increased to $125,000 for single tax payers and $225,000 for joint filers.

NEW for Current Homeowners:

• Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit. This means as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.
• Repeat home buyers do not have to purchase a home that is more expensive than their previous home.
• You can claim a tax credit of 10% of the purchase price up to $6,500.
• The amount of the credit phases out for taxpayers whose adjusted gross income is more than $125,000 for single tax payers or $225,000 for joint filers for a purchase of a home after November 6th, 2009.

Start your search today for a new home by visiting our “Find a Home” page or locate a retailer near you by using our “Find a Builder” search tool. The Commodore Corporation offers a variety of homes to choose from ranches, two-stories and cape cods. Let us help you find a home of your dreams!

The information above is a short overview of the Federal Housing Tax Credit and Please visit www.federalhousingtaxcredit.com for more information and to make sure you are qualified for this tax credit.

More information also can be found at the National Association of Home Builder's (NAHB) website, or the Manufactured Housing Institute's website.

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