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What happens now? Did you hear rumors that they extended the Stimulus Program? Are you asking "Did I hear That Correctly?"

So is this true? Yes, there been an extension and a revision. The proposed terms are that the extension will be for new homebuyers and repeat homebuyers who have owned their previous house for at least 5 years and used as a primary residence. The new homebuyers will get $8000 ($4,000.00 married filing separately) and the repeat buyers will get $6500 (3,250.00 married filling separately). They are loosening up the income levels as well and the benefit will max out at $225,000 per couple and $125,000 for a single. The new expiration date is April 30, 2010 with the following guidelines 1) the deal must be contracted by April 30, 2010 and 2) closing date must be before June 30, 2010. Come back here for updated information on the Stimulus, make this site one of your favorties! Copy and paste this link into your browser to read the latest news regarding the Stimulus Extension http://www.realtor.org/RMODaily.nsf/pages/News2009110601?OpenDocument

Great News For Anyone Who Qualifies for the $8000 Homebuyers Tax Credit

This is FREE Money! It is not too late if you qualify! The program has been extended and revised! It is not just for First Timers any more!

The 411 on the $8,000 Homebuyers Tax Credit

Understanding the NEW Homebuyer Tax Credit in the 2009 -2010 Economic Stimulus Plan:

* The credit is available only to First Time Homebuyers and repeat homebuyers who have owned previous home for at least 5 years. First Time Homebuyers are defined as anyone who has not had an ownership interest in a home in the past three years.

* The credit is for 10% of the purchase price up to $8,000.00 ($4,000.00 for married filing separate). For example, a home costing $70,000.00 the credit is $7,000.00. Any home costing over $80,000.00 would qualify for the full amount, provided other conditions are met.

* Repeat homebuyers can receive a $6,500 ($3,250 married filing separately) tax credit for buyers who are current home owners and have lived in their home for five of the past eight years as their primary residence.

* There are income limitations of $125,000.00 per individual or $225,000.00 per married couple. Qualifying homes prices are capped at $800,000.00. The credit phases out at $145,000.00 per individual and $245,000.00 per married couple.

* You must purchase between November 7, 2009 and April 30, 2010 binding contract must be signed by expiration date and deal must close by June 30, 2010.

* The 2009- 2010 benefit is a true tax credit unlike the 2008 benefit which was an "interest-free' loan. The 2008 program requires repayment of the loan beginning 2010.

*You must live in the home you purchase for a minimum of three years as your primary residence, to take advantage of the no pay back feature. There are exceptions to this rule such as divorce or death. Please seek professional advice from a tax accountant or tax attorney regarding this.

* Please consult your tax professional to see if you might be able to take advantage of the credit right away by filing an ammended 2008 return. Additionally, there are provisions for adjusting your income tax payments for 2010 to accomodate for this credit. Your tax professional will be able to advise you as to whether or not this works for you. Remember that each individual case is different and you should consult a professional for the best advice.