Kentucky Congressman John Yarmuth has been joined by Louisville Realtors, local homeowners and members of the Home Builders Association of Louisville to announce that more Louisville residents are eligible for a homebuyers tax credit than ever before.
“The first-time homebuyer credit included in the Recovery Act has already helped hundreds of Louisville families fulfill the dream of homeownership and given a much-needed boost to the local housing market,” said Congressman Yarmuth. “Congress extended the credit last week, making it easier for sellers to find a buyer and for buyers to afford the home they want.”
President Obama recently signed new legislation that extends the deadline for first-time homebuyers to qualify for up to $8,000 in tax credits from December 1, 2009 to April 1, 2010. First-time homebuyers may also be eligible for tax credits of $6,000 and $4,000 until December 2010. The extension of the tax credit program also increased income caps for eligible buyers and expanded eligibility for tax credit for current homeowners. Some of the more notable changes in the program include:
- Maximum income levels to qualify for the tax credit have been raised from $150,000 to $225,000 for families, and $75,000 to $125,000 for individuals, enabling many more prospective Louisville homebuyers eligible.
- Louisville-area homeowners who have lived in their current home for at least five years who want to move into a new home may qualify for a $6,500 tax credit.
- Members of the U.S. Armed Services who are deployed overseas may qualify for the first-time home buyer tax credit until April 31, 2011
Looking to take advantage of the homebuyers tax credits on the purchase of a Louisville home? Contact the Louisville real estate specialist at Louisville Properties today by calling 502.744.9505. Let his experience and expertise help you find the Louisville home of your dreams!
