American recovery and reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009 was enacted in a landmark piece of legislation shortly after President Obama took office. This legislation was aimed at stabilizing our economic situation and encouraging growth in an effort to build a slow steady climb back out of these tough economic times. There are some key features that impact any potential new or “move up” homebuyer. 

For new buyers:

1. You are offered a Tax Credit of 10% of the sales price of any home purchase up to a maximum of $8000. For you to be classified as a First Time Buyer you simply need to not have owned a home in the previous 3 yrs.
   
   
2. The income limitations are $75,000 for individuals and $150,000 for Couples.  Please check back as these figures can change.
   
   
3. This is in effect until June 30, 2010.

For Previous or Current Home owners:

1. You are eligible for a Tax credit of up to 10% or $6500
   
   
2. This is only available if you have lived in your current home for 5 of the last 8 yrs
   
   
3. Same income limits apply and this offer ends June 30, 2010

Both plans were originally set to expire November 30, 2009 but were extended until June 30, 2010.  We cannot assume they will be extended again. 

CLICK HERE to get more specific details.