Homebuyer Tax Credit Extended & Expanded

With the new Homebuyer Tax Credit legislation passed on November 6th, now is the perfect time to purchase a new or existing home in NC. The new credit extends the deadline to April 30th of next year, raises the qualifying income limitations, and expands the offer to include current homeowners who have lived in their residence for five consecutive years.

The tax credit program now gives those who already own a residence some additional reason to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

For more detailed information, please visit the IRS or NAHB websites. I also recommend that you check out this whitepaper, which addresses many of the questions my clients have been asking.