As of last week, the $8,000 home buyer tax credit has been extended, ending next spring instead of at the end of this month. Plus, there’s a new credit for qualifying existing home owners.
What does this mean for you?
FIRST-TIME BUYERS: You have more time to find your first home and still qualify for as much as 10% of your new home in the $8K credit. Condition: This extension only applies to homes purchased for more than $800,000.
EXISTING HOME OWNERS: If you’ve lived in your primary residence for at least five of the last eight years, you also qualify for a special credit of $6,500.
Other special conditions: There are some income limits that apply. For more information, see this Wall Street Journal article.
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