$8,000 Homebuyer Tax Credit Extended

President Obama has signed legislation to extend the Homebuyer Tax Credit. Passage of the bill was widely anticipated to further spur economic recovery in the housing sector, as more buyers are now eligible for tax breaks under the new law. The $8,000 first-time homebuyer tax credit was originally set to expire on November 30.

In addition to offering the $8,000 first-time homebuyer tax credit, the new law also allows a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more.

The tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009, and April 30, 2010. Buyers would have until June 30 to close on their new homes.

There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers are now $125,000 per year for individuals and $225,000 for married couples. Under the old program, the limits were $75,000 and $150,000 respectively. The first-time homebuyer credit is also available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.

We are committed to meeting your home financing needs, and to answering questions about how the new law could impact your unique financial situation. Call us if you have any questions.

Thank You,

The Renno Lending Team

Jason & Keith Renno
Loan Consultants

(661) 290-3819 Office- Jason        (661) 290-3817 Office- Keith

(818) 644-0686 Cell- Jason            (818) 521-8515 Cell- Keith

(866) 371-7991 Team E-Fax

Team Email:TheRennoLendingTeam@Prospectmtg.com

Website and Online Application: www.RennoLending.com

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