The NEW 2010 Extended and Expanded Hombuyer Tax Credit is creating quite a stir, as did the 2009 First-Time Homebuyer Tax Credit.

There are lots of questions surrounding the new tax credit - the answers to a few of them are below:

Is the tax credit for first-time homebuyers only?
No, the NEW Extended and Expanded Homebuyer Tax Credit is for all buyers, with a few exceptions. If you have owned and occupied a residence for five consecutive years of the past eight years, you qualify! First-time homebuyers also qualify.

What is the deadline for the homebuyer tax credit?
The new deadline is approaching, but you still have time! To qualify, you must be under contract to purchase a home by April 30, 2010, and you must close on the property by June 30, 2010.

Is there a minimum purchase price?
No, there is not a minimum purchase price to qualify. However, the maximum price to qualify is $800,000.

What is a tax credit anyway?
A tax credit is a direct reduction in tax liability owed by an individual to the IRS. In the event that no taxes are owed, the IRS will issue a check to the individual for the amount of the credit.

Where can I get more information about the credit?
You can click on the image below to download our FREE comprehensive guide to the NEW Extended and Expanded Homebuyer Tax Credit. If you have further questions, you can email us at info@gebhardtgroup.com for additional information and guidance toward your home purchase.

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Maura Neill, ABR, CRS, MA
REALTOR® Partner - The Gebhardt Group