The Dream of Home Ownership is Yours!
The Cincinnati Real Estate market received encouraging news when Congress passed legislation on the Extended Home Buyer Tax Credit which helps both first-time homebuyers and current home owners. The new bill extends the First-Time Home buyer Tax Credit of up to $8,000 through April 30, 2010 and expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Who Qualifies for the Extended Credit?
- To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
- To qualify as a “current home owner” the purchaser or his/her spouse must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
- Single buyers with incomes up to $125,000 and married couple with incomes up to $225,000 may receive the maximum tax credit.
For more information and FAQ on the Extended Home Buyer Tax Credit visit the National Association of REALTORS® website or call Kopf Real Estate and ask to speak to one of our agents.
