The Home Buyer's Tax Credit is back with a vengeance. Formerly just for those purchasing their first homes, the credit has now been expanded to homeowners who have been in the home they are currently vacating or selling for 5+ years.

The Key Points: (so you can look smart at the watercooler, church, etc)

  • $8000.00 Tax Credit for FIRST TIME BUYERS (first home ever or have not owned primary for 3 years) extended into 2010
  • $6500.00 Tax Credit ADDED to the mix for current homeowners who have been in their current primary residence (not investment home) for 5+ yrs. This is KILLER for those who have been eying currently sweet deals thinking about moving "up", "down" or "over" in this market
  • For EITHER credit you must have your home purchase "under contract" by April 30, 2010 and it must be closed by July 1, 2010.
  • Income limits have been increased - up to $125k for a single buyer or up to $225k income for married couples
  • Home purchases OVER $800k do not qualify
  • As before, neither of the credits ever need to be paid back - FREE MONEY!

I agree wholeheartedly with the rest of the world on the fact that our Government is leveraging our lives away with these federally sponsored bailouts, etc, but it doesn't change the fact that these programs: #1 - exist, and that #2 - people would be complete idiots for not taking advantage of the great opportunties they create.

Thoughts?