November 2009 - Corning Credit Union

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November 2009

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Federal tax credit for home buyers extended and expanded

Subprime ploys in reverse mortgage market put seniors at risk, says a new report (pdf) from the National Consumer Law Center.

Federal tax credit for home buyers extended and expanded.

The Congress has now passed a bill extending an $8,000 tax credit for first time home buyers. First-time buyers will need to have a contract on a home priced up to $800,000 by April 30 and close by June 30, 2010. Income limits for claiming the credit are increased to $125,000 for individuals and $225,000 for couples. The bill also for the first time offers a tax credit of $6,500 to current homeowners who wish to buy a new home and have lived in their current home for five of the last eight years. For more information, see this page on the IRS website.

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