DreamTeam-Jo Cel Perez & Hector Gamez

First-time Homebuyers

• Tax credit up to $8,000
• Deadline extended until April 30, 2010. Plus, if a contract is signed before May 1, 2010 there will be 60 days to close on the home.
• Buyers that have not owned a home in the last 3 years.
• Purchases in 2010 can be claimed on 2009 tax return.
• Income limits increased to $125,000 on a single return and $225,000 on a joint return, up from $75,000 & $150,000.

Step-up Buyers

• Tax credit up to $6,500
• Purchases between December 1, 2009 and May 1, 2010. The same opportunity to close within 60 days applies.
• Buyers that have owned the same home for 5 consecutive of the last 8 years.
• Purchases in 2010 can be claimed on 2009 tax return.

Income limits are also $125,000 on a single return and $225,000 on a joint return.