The first time homebuyer tax credit is set to expire at the end of April 2010. This tax credit has really buoyed our Portland real estate market, especially starter homes.
HIGHLIGHTS:
- The $8,000 tax credit program is set to expire on April 30, 2010. Buyers must have property under contract by end of April and close before July 1, 2010
- The income ceilings to qualify for the tax credit have been increased from $75K to $125K for single tax-payers, and from $150K to $225K for married couples.
- Eligibility has been expanded to existing home-owners ($6,500 tax credit), provided they've resided in home for 5 of last 8 years.
Click on the icon below to download a pdf that describes the new program and answers frequently asked questions about both programs.
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