The Worker, Homeownership, and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, includes tax credit benefits for many homebuyers. Here are some of the details worth noting:
• First-time homebuyers: These are considered as buyers who have not owned a home in the past 3 years, may qualify for a tax credit of up to $8,000.
• Existing homeowners: If you have owned and occupied the same principal residence for a period of five consecutive years during the last eight years, may qualify for a tax credit of up to $6,500, after buying a new principal residence.
• Homebuyers must enter into a written legitimate purchase contract by April 30th, 2010, and close on the purchase no later than June 30th, 2010.
• Maximum annual income limits: are $125,000 for individuals and $225,000 for joint filers.
• $800,000: Maximum Home Purchase Price