Here’s a quick, three-minute YouTube video explaining what homebuyers (not just first-time homebuyers) need to know about the tax credit extension. Click on the video below to watch:
Important points about the tax credit extension (and expansion) from this clip include:
1) Income caps for first-time homebuyers increased to $125,000 (for individuals) and $225,000 (for families).
2) Tax Credit extended to April 30, 2010, and all properties must close by June 30.
3) Tax Credit expanded to Move Up Buyers. These buyers must have lived in their principal residence for at least five years, and the home they are purchasing must be less than $800,000.
You can find more information on this Tax Credit extension and expansion here.