New Expanded Tax Credit for Salem Oregon Home Buyers

Your relocation to Salem Oregon was just made easier and cheaper with the new and improved home buyer tax credit. The Congress has passed an extension of the first-time home buyer credit which was due to expire Nov 30. They also expanded the credit to repeat home buyers. The bill is expected to be signed by President Obama today.

Home Buyer Tax Credit Expansion and Extension Summary 

• The $8,000 tax credit will be extended and available for first-time home buyers through May 1, 2010.
• A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
• Prospective buyers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
• Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
• Limitation on the cost of a purchased home is $800,000. 

Give me a call today to learn how you can best use this tax credit to your advantage when buying your Salem Oregon home.

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