Although the federal Home Buyer Tax Credit has expired, it is still an excellent time to purchase a home. With interest rates at or near their historic lows and home prices generally remaining at more reasonable levels, you have more buying power than you probably realize.

To learn more about your local market and for help in searching for a home – or selling your current one – please call 1-800-401-0486 or fill out the form below. If you’re also interested in selling your current home, you can request a customized marketing plan that will explain all that Weichert, Realtors® will do to help.

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This page was created to explain the tax credit – now expired – which was available for homes purchased on or before April 30, 2010.

Here are the new key provisions:

  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
  • Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
  • Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for married couples.
  • Time has been added to allow for closing the home purchase. As long as you have a binding contract by April 30, you will then have until June 30, 2010, to close the transaction.
  • To qualify, the home must be your primary residence and have a purchase price of $800,000 or less.

Here’s how it works:

  • The amount of your credit will be first credited toward any tax liability for the year of purchase. Then the remainder will be refunded to you. (For example a first-time buyer with a $2,000 tax liability would receive a check for $6,000).
  • Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 for $800,000 or less and closed by June 30, 2010.
  • The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return. Above those incomes, the amount of the tax credit decreases until the maximum limit is reached – $145,000 for an individual or $245,000 in joint income.

*Certain conditions apply.