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.
- 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.