This is great news for home buyers. The plan has certainly contributed to stimulating the real estate market. I guess the government thinks it needs more stimulation because the credit has been extended.
- The date by which someone needs to buy a house has been extended to April 30th, 2010.
- The credit has been expanded to include existing homeowners that are in the process of buying a home (up to $6,500).
- The income limits have been increased to $125k single and $225k married from $75k and $150k respectively.
- Unfortunately, the purchase price has been capped off at $800,000.
For more details, see chart below
- You can also download a full report about the Buyer Credit by clicking here
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Jaime, this article is beneficial for first time home buyers. Thank you for this helpful post. Keep it up.